JUST IN: Around 1.3M people filed for first-time unemployment benefits last week.
The bulk of the June job gains were businesses rehiring employees who had been furloughed or laid off. With more small businesses and restaurants reopening across the nation, customers are venturing out of their homes to dine and shop, supporting the labor market's slow healing process.United Airlines warned of"involuntary furloughs"
that would come in early fall. The beleaguered airline said it had notified one-third of its work force, including 15,000 flight attendants, 5,000 mechanics, and 2,250 pilots, that there could be layoffs beginning Oct. 1. With travel demand down 75 percent year on year, fewer flights are necessary, and therefore less staff.filed for bankruptcy protection after 202 years in business.
The company employs around 4,000 workers, and joins a growing list of retailers whose business models are faltering as thousands of office workers stay home in their sweatpants. J.Crew, Neiman Marcus and JCPenney have all filed for bankruptcy protection since the coronavirus shut down the economy in March.
In light of the recent spike in coronavirus cases in mostly southern states, economists are warning that much of the joblessness could become permanent. "There is a real sense that this might go on longer than we had hoped and we had expected and we had planned for," said Raphael Bostic, president of the Federal Reserve Bank of Atlanta, at an online panel hosted by the Tennessee Business Roundtable on Tuesday. “People are getting nervous again. Business leaders are getting worried. Consumers are getting worried."
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