Roughly 3.1 to 3.3 million Americans filed initial applications for unemployment insurance last week, down from the roughly 3.8 million people who filed claims the week before.
BofA Global Research forecasts that 22 million nonfarm jobs were lost in April, an"unprecedented'' number that will hike the unemployment rate to 15%.
For instance, workers are typically counted as unemployed if they’re out of a job and making an effort to find another. But state-wide shutdowns of nonessential businesses may make such a search impossible. Traditional measures will also not capture the number of people who are unable to work because they've been infected by the virus, or need to stay home to take care of children whose schools or day care centers were closed because of COVID-19.
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