WASHINGTON (AP) — The U.S. government will provide its latest snapshot Thursday of the pace of layoffs, which have remained elevated but have been declining as some sectors of the economy have rebounded in the months since the viral pandemic erupted.
The number of people who are seeking unemployment benefits each week still exceeds the number who did so in any week on record before the virus triggered a recession in early spring.
The government's August jobs report showed that the economy had recovered about half the 22 million jobs that were lost to the pandemic. Many employers, especially small retailers, hotels, restaurants, airlines and entertainment venues, are struggling. And millions of Americans are facing unemployment with diminished benefits.
The rate of confirmed viral infections has dropped over the past several weeks but remains well above where it was in the spring. Many analysts say the economy won’t likely be able to sustain a recovery until a vaccine is available.