Over 40M Americans lost jobs in 10 weeks as more companies announce layoffs

American Airlines will cut 30% of its management staff, Boeing will shed about 10% of its workforce and Amtrak is cutting 20% as another 2 million Americans filed new unemployment claims.
1:22 | 05/28/20

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Transcript for Over 40M Americans lost jobs in 10 weeks as more companies announce layoffs
those new unemployment numbers that are due out later this our chief business correspondent Rebecca Jarvis is tracking the very latest and, Rebecca, several big companies are letting a staggering number of their employees go. Reporter: It is staggering. Good morning to you, Michael. We expect to learn later this morning that another 2 million Americans filed new claims for unemployment benefits last week. That would mean that in just ten weeks, 40 million Americans have been laid off from their jobs and while the numbers, the rate of layoffs is slowing, we are still seeing numbers ten times in an average week what we would typically see and a number of those big companies are beginning to announce new layoffs, for example, American airlines saying that they will cut 30% of their management workforce. Boeing moving forward with their plans to cut 10% and amtrak saying that they will be forced to cut 20% of their workforce because of the declines in travel as a result of this pandemic and the key question on economists' minds is just how temporary these job losses are overall. At the university of Chicago Becker Friedman institute they believe that as many as 40% of the jobs lost during this pandemic, Michael, are permanent. Unprecedented job loss. Thank you so much, Rebecca.

This transcript has been automatically generated and may not be 100% accurate.

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