Two new rounds of unemployment data are due on Thursday and Friday -- and the prospect of a prolonged economic slump will have important implications in politics | Analysis by stcollinson
The figures will show Americans who have and will lose their livelihoods as common victims of the most cruel public health crisis in 100 years, along with the sick and the more than 73,000 people who have so far died.The prospect of a prolonged economic slump will have important implications in politics. It is already threatening to dampen memories of the roaring economy that President Donald Trump was banking on to carry him to a second term.
First up is weekly jobs data on initial unemployment claims -- the measure that has recorded the terrible toll of weekly layoffs that have now topped 30 million people as the economy has gone into suspended animation.To end the week, the Trump administration is braced for what could be the most disastrous unemployment numbers since the Great Depression. Economists polled by Refinitiv are expecting an unemployment rate at 16%.
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