Economists fear millions of layoffs in the U.S. could become permanent
May 22, 2020
Even as restrictions on businesses began lifting across the United States, another 2.4 million workers filed for jobless benefits last week, the government reported Thursday, bringing the total to 38.6 million in nine weeks.
And while the Labor Department has found that a large majority of laid-off workers expect their joblessness to be temporary, there is growing concern among economists that many jobs will never come back. "I hate to say it, but this is going to take longer and look grimmer than we thought," Nicholas Bloom, an economist at Stanford University, said of the path to recovery.