From the New York Times this morning:
"As millions more Americans join the jobless rolls, even more economic pain is in the forecast.
Another 3.2 million people filed for first-time unemployment benefits last week in the latest evidence of the economic devastation from the coronavirus pandemic.
"The U.S. government report released Thursday brings the total tally over seven weeks to more than 33 million. The weekly numbers have declined since reaching a peak of 6.9 million claims in late March. But the data remains shocking: In many states, more than a quarter of the work force is jobless.
"Economists expect the monthly jobs report from the Labor Department, due Friday, to show that the unemployment rate in April was 15 percent or higher, a Depression-era level. The figure will almost certainly understate the damage."
CNBC reported on an ADP study that looked at unemployment from another angle:
"As expected, job losses were most profound in the services and hospitality sector, as bars and restaurants had to close during the pandemic with virtually no eat-in dining allowed. In all, the sector saw 8.6 million furloughs even as some establishments tried to make up for lost business with curbside and delivery services.
"Trade, transportation and utilities was the next hardest-hit sector, losing 3.44 million, while construction dropped 2.48 million. Other big losses came in manufacturing (1.67 million), the other services category (1.3 million), and professional and business services (1.17 million). Health care and social assistance plunged by 999,000, information services fell by 309,000 and financial services had 216,000 layoffs.
"The only areas reporting gains were education, with 28,000, and management of companies and enterprises, at 6,000. Broadly speaking, service-related industries fell by just over 16 million, while goods producers declined by 4.3 million."
