U.S. layoffs surged to record high of 11.4 million in March
U.S. layoffs soared in March to a record 11.4 million after state and local governments closed restaurants, bars, movie theaters and other nonessential businesses in response to the intensifying viral outbreak.
The Labor Department leapt to 14.7% that month, the highest since the Great Depression. But the report, known as the Job Openings and Labor Turnover survey, or JOLTS, helps illustrate how businesses responded to the initial viral outbreak.
Weekly jobless claims figures, which are more up to date, show that layoffs have declined for six straight weeks, but remain at historically high levels. Nearly 3 million people sought unemployment aid last week.
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