WASHINGTON (Reuters) – Millions more Americans sought unemployment benefits last week, suggesting layoffs broadened from consumer-facing industries to other segments of the economy and could remain elevated even as many parts of the country start to reopen.
The deepening economic crisis triggered by nationwide lockdowns to slow the spread of the novel coronavirus was underscored by other data on Thursday showing worker productivity fell at its fastest pace in more than four years in the first quarter amid the largest drop in hours since 2009.
The reports support economists’ expectations of a slow rebound in the economy after gross domestic product slumped in the first quarter at the steepest pace since the 2007-09 Great Recession. The economic rout could hurt President Donald Trump’s bid for a second term in the White House in November’s election.
Trump wants the country to reopen and restrictions imposed by states and local governments to control the spread of COVID-19, the respiratory illness caused by the virus, eased.
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