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How the coronavirus recession could devastate employment

Business Insider Logo By Joseph Zeballos-Roig and Madison Hoff of Business Insider | Slide 1 of 10: The economic fallout from the coronavirus pandemic has begun to wipe out millions of jobs in the US, not just in hospitality and travel but also in spaces including sports and entertainment as well as manufacturing.The Bureau of Labor Statistics reported on May 8 that 20.5 million US nonfarm payroll jobs were lost in April.Nearly 3.17 million Americans filed for unemployment benefits during the week ending May 2. The weekly increase in new workers applying for benefits has slowed since an unprecedented 6.64 million in the week ending in March 28. Several industries are pleading with the federal government for a bailout.Visit Business Insider's homepage for more stories.A recession from the novel coronavirus outbreak is a near certainty, economists say. And the fallout has already begun to wipe out a substantial number of American jobs.According to the latest employment report from the US Bureau of Labor Statistics, the US lost 20.5 million jobs in April, a historical record and vastly larger than the loss of 870,000 nonfarm payroll jobs in March. The number of Americans newly filing for unemployment benefits has declined in recent weeks. Nearly 3.2 million Americans filed unemployment claims in the week ending May 2, according to Thursday morning's release of figures from the US Department of Labor. That is about the same as the number of Americans who filed for unemployment claims in the week ending March 21, the week before a record number of 6.6 million Americans."There is a real danger that the economic crisis that comes out of this health crisis is worse than what we experienced in 2008," Jason Furman, formerly a top economist for the Obama administration, recently told Business Insider. The unprecedented shutdown has closed bars, restaurants, and salons across the nation in an attempt to prevent the virus from spreading. It's unleashing a tidal wave of layoffs across sectors that power the American economy.Many major companies, once titans of industry, are now in dire financial straits and laying off workers. And more are pleading for a bailout from the federal government.The airlines are set to receive a $50 billion bailout from the Trump administration as part of a colossal $2 trillion federal rescue package that President Trump signed into law at the end of March. It also includes around $504 billions in loans for large corporations as well as $377 billions in loans and grants for small businesses.Here's a look at the record-breaking unemployment figures and what industries are likely to get hit the hardest.Read the original article on Business Insider

A recession from the novel coronavirus outbreak is a near certainty, economists say. And the fallout has already begun to wipe out a substantial number of American jobs.

According to the latest employment report from the US Bureau of Labor Statistics, the US lost 20.5 million jobs in April, a historical record and vastly larger than the loss of 870,000 nonfarm payroll jobs in March. 

The number of Americans newly filing for unemployment benefits has declined in recent weeks. Nearly 3.2 million Americans filed unemployment claims in the week ending May 2, according to Thursday morning's release of figures from the Department of Labor. That is about the same as the number of Americans who filed for unemployment claims in the week ending March 21, the week before a record number of 6.6 million Americans.

"There is a real danger that the economic crisis that comes out of this health crisis is worse than what we experienced in 2008," Jason Furman, formerly a top economist for the Obama administration, recently told Business Insider. 

The unprecedented shutdown has closed bars, restaurants, and salons across the nation in an attempt to prevent the virus from spreading. It's unleashing a tidal wave of layoffs across sectors that power the American economy.

Many major companies, once titans of industry, are now in dire financial straits and laying off workers. And more are pleading for a bailout from the federal government.

The airlines are set to receive a $50 billion bailout from the Trump administration as part of a colossal $2 trillion federal rescue package that President Trump signed into law at the end of March. It also includes around $504 billions in loans for large corporations as well as $377 billions in loans and grants for small businesses.

Here's a look at the record-breaking unemployment figures and what industries are likely to get hit the hardest.

Read the original article on Business Insider
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