Workers wait in line in a basement garage to apply for unemployment benefits in Los Angeles.
“Nearly every state providing comments cited the Covid-19 virus,” the report said, noting a wider impact across more industries, especially hotels, but also manufacturing and retail. Some economists are predicting the worst job losses since World War II with the country already in a severe recession.Even analysts who had expected grim figures were stunned.“We’re hoping today’s reading will be the peak, but we can’t be sure,” he said in an analysis. “In any event, total layoffs between the March and April payroll surveys look destined to reach perhaps 16 to 20 million, consistent with the unemployment rate leaping to 13% to 16%. In one month.
But even so, analysts warn the record low US unemployment rate is likely to surge into the double-digits as early as April.
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