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August 6, 2020

More signs that many U.S. jobs may be gone for good

  • One study estimates that up to 40% of layoffs in March through May were permanent — a figure likely to rise the longer the pandemic squeezes the economy.
    AP Economics Writer

    WASHINGTON — Stark evidence of the damage the resurgent viral outbreak has caused the U.S. economy could come Friday when the government is expected to report that the pace of hiring has slowed significantly after a brief rebound in the spring.

    As the coronavirus continues to transform a vast swath of the economy, it's becoming evident that millions of Americans face the prospect of a permanent job loss that will force some to seek work with new industries or in new occupations. If so, that would lead to a slower recovery in the job market than if restaurants, hotels, bars and retail shops were able to fully reopen and recall all their laid-off employees. Few expect that to happen.

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