The U.S. Labor Market Won’t Bounce Right Back

The U.S. labor market was in its best shape in nearly 50 years. Then the coronavirus pandemic swept across the country, taking millions of American jobs with it. It will take the labor market time to recover, but it’s unclear exactly how long. Nearly 17 million people have filed for initial unemployment benefits since mid-March, as businesses closed to minimize the spread of the virus. Thursday’s data is expected to show another 5.1 million people filed for first-time unemployment claims in the week ended April 11. The leisure, travel and hospitality industries have been hardest hit, but shutdowns have extended far into other sectors, such as manufacturing. Read more at CNN.