JUST IN: Weekly initial jobless claims fall below 1M for first time in 21 weeks, data from US Dept of Labor says.
released last week by the Bureau of Labor Statistics, showed that total unemployment is currently at 16.3 million, a rate of 10.2 percent. In February, that number was 3.5 percent.
Economists have frequently spoken of their concern that the nation's workforce stands to see a massive shift amid the coronavirus fallout, with many workers forced to retrain or learn new skills in order to gain employment as their sector sees permanent contraction. “It is certainly possible that we don’t come back, at least in certain sectors, in the same way as before. That will mean a large number of workers are not able to go back to the same jobs they had before the pandemic," Mary Daly, president of the San Francisco Federal Reserve, said Wednesday during an online conference.
In a separate conference, Dallas Fed President Robert Kaplan said that if Americans do not comply with public health orders to contain the virus, unemployment will stay at around 9 percent until at least 2021.Lucy Bayly
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