Layoffs in the United States fell in April, but remained the second highest on record, while hiring hit an all-time low, suggesting the labor market could take years to recover from the COVID-19 crisis despite a surprise rebound in employment in May.
FILE PHOTO: People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease , at an Arkansas Workforce Center in Fort Smith, Arkansas, U.S. April 6, 2020. REUTERS/Nick Oxford
The monthly Job Openings and Labor Turnover Survey, or JOLTS, showed layoffs and discharges dropped 3.8 million in April to 7.7 million. That was second highest level since the government started tracking the series in 2000. Economists warn it could take even a decade for the labor market to recoup the jobs lost during the COVID-19 recession. The NBER does not define a recession as two consecutive quarters of decline in real GDP as is the rule of thumb in many countries, instead it looks for a drop in economic activity, spread across the economy and lasting more than a few months.
Stocks on Wall Street were mixed after strong gains in the previous sessions, with investors awaiting the Federal Reserve’s assessment of the economy at the end of the U.S. central bank’s two-day policy meeting on Wednesday. The dollar fell against a basket of currencies. U.S. Treasury prices rose.The Labor Department report showed big decreases in layoffs in the accommodation and food services and retail trade.
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