Goldman Sachs Predicts US Unemployment Claims Might Hit 37M By End Of May

The unemployment claims in the United States could increase to 37 million by the end of May, Goldman Sachs analysts have forecasted, Forbes reported on Wednesday.

According to the investment firm, the number of claims filed on Thursday alone could increase by 5.5 million.

That would bring the total number of unemployment claims filed in the U.S. to 22.3 million over a month since the novel coronavirus (COVID-19) pandemic took hold in the country.

The Department of Labor last confirmed 6.6 million claims in the week ending on April 4. It is slated to release the data for the next week on Thursday.

The International Monetary Fund has warned of the worst global recession since the Great Depression, and workers beyond the travel and hospitality sectors are getting affected.

According to a report by the Wall Street Journal, even white-collar workers like lawyers, architects, consultants, and advertising professionals are facing layoffs.