United States

Job losses could quickly soar into the millions as coronavirus craters U.S. economy

Breaking News EmailsGet breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.SUBSCRIBEMarch 20, 2020, 3:21 PM UTCBy Martha C. WhiteThis week's sharp jump in jobless claims is just the tip of the iceberg, labor economists warn, predicting that the United States could shed millions of jobs in short order as businesses cut back or close completely to halt the spread of the coronavirus pandemic.The surge in jobless claims to 281,000 — a jump of 70,000 from only a week ago — was an early warning, according to analysts at Goldman Sachs. The investment bank’s dire outlook predicts weekly claims will skyrocket to 2.25 million by next Thursday, an astonishing reversal of fortune for a labor mar ...