MoneyBusiness

Actions

3 million more US layoffs intensify fears of lasting damage

New unemployment numbers
Posted at 4:14 AM, May 14, 2020
and last updated 2020-05-14 17:04:55-04

Nearly 3 million laid-off workers applied for U.S. unemployment benefits last week as the viral outbreak led more companies to slash jobs even though most states have begun to let some businesses reopen under certain restrictions. The ongoing wave of layoffs has heightened concerns that more government aid is needed to sustain the economy through the deep recession caused by the viral outbreak. Without another rescue package, many economists worry that thousands of small businesses will go bankrupt, leaving millions of the unemployed with no business to return to. And state and local governments, facing steep revenue shortfalls, could be forced to layoff millions of additional workers.