U.S. economy continues to look grim

UNEMPLOYMENT FILINGS

The Labor Department reported 1.48 million people filed for new unemployment benefits last week, a slight decline from previous weeks.

GIG WORKERS

730,000 people filed for benefits under a new program for gig workers and self-employed workers for the first time. They are not included in the official unemployment count.

CONTRACTING ECONOMY

The economy contracted at a 5% annual rate in the first quarter of 2020, the Commerce Dept. reported. The decline reflects the economic damage from the coronavirus pandemic.

FURTHER SHRINKAGE

Experts predict further shrinkage of the economy for the second quarter, from 30%-50%. This would be the worst contraction since records began in 1948.

LAYOFFS CLOSURES

Macy's is cutting 4,000 corporate jobs or 3% of its employees due to COVID-19. Chuck E. Cheese restaurants will also file for Chapter 11 bankruptcy protection.

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