Economy

The May unemployment rate is expected to be near 20% as millions more lost jobs

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People wear their face masks waiting in line for an emergency food distribution at the 88th Street Temple Church of God in Christ on April 14, 2020 in Los Angeles, California, during the coronavirus pandemic.

Frederic J. Brown | AFP | Getty Images

Millions more Americans lost their jobs in May, on top of the 20.5 million in April, and economists believe the unemployment rate rose to near 20%, the likely peak in the Covid-19 recession.

Economists are forecasting about 8.3 million jobs were lost, and that the unemployment rate rose to 19.5%, according to Dow Jones. That compares to an unemployment rate of 14.7% in April. The employment report, expected Friday morning, follows Thursday’s…



Source cnbc.com

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