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20 million American workers could lose their jobs in the next 3 months because of the coronavirus pandemic

20 million American workers could lose their jobs in the next 3 months because of the coronavirus pandemic
Joe Raedle/Getty Images



Nearly 20 million American workers could lose their jobs by July because of the coronavirus pandemic, according to an April 1 report from the Economic Policy Institute (EPI).




Just two weeks ago, EPI had estimated that three million jobs would be lost.




The number of people filing for unemployment claims skyrocketed to a record high of 6.6 million people last week, doubling the prior week's record.




Bank of America economists are forecasting "the deepest recession on record" due to the coronavirus.




Visit Business Insider's homepage for more stories.



Nearly 20 million American workers could lose their jobs by July due to the coronavirus, according to a April 1 report from the Economic Policy Institute (EPI).
The report cited a Goldman Sachs prediction that the US economy would contract by 34% in the second quarter of the year.
"This large drop in GDP is consistent with 19.8 million jobs lost by July, bringing unemployment rates across the country into the mid-teens," Senior Economic Analyst David Cooper and State Economic Analyst Julia Wolfe wrote for EPI.
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