5.2 million Americans filed for unemployment benefits last week as coronavirus layoffs continued
"The trajectory of the virus itself will ultimately determine how long the economy will remain shuttered,” analysts at Deutsche Bank Research said in a note.
The economy's downturn ends a nearly 11-year economic expansion that lasted a record 128 months, more than double the average, and topped the previous record from the 1990s, according to LPL Financial. Historically, the U.S. economy has taken an average of about 30 months to surpass its previous peak in employment following a recession, according to Ben Ayers, senior economist at Nationwide. That suggests long-term economic impacts for many of the people and households who have lost their jobs in recent weeks, he says.
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