COVID-19 economic toll rising

Just how many American workers are losing jobs due to the coronavirus pandemic continues to come into clearer focus every week as state governments process backlogged unemployment claims. The U.S. government on Thursday released numbers showing that 6.6 million workers applied for unemployment benefits last week after 48 states closed non-essential businesses.

Is it going to get worse? A spike in applications for unemployment has overwhelmed labor departments across the country, and the numbers are likely higher, with more layoffs on the horizon. More than 20 million Americans could lose their jobs this month, and the April jobs report could reveal a U.S. unemployment rate as high as 15 percent.

Dig deeper: Read Sophia Lee’s report on how the pandemic has affected small businesses.