US unemployment rate in May could hit highest level since World War II

The US unemployment rate likely shot up to almost 20 per cent in May, a new post World War Two record, with millions more losing their jobs, exposing the horrific human toll from the Covid-19 crisis. The Labor Department's closely watched monthly employment report on Friday could bolster economists' dire predictions that it would take several years to recover from the economic meltdown.

Still, May was probably the nadir for the labour market. While layoffs remained very high, they eased considerably in the second half of May.

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