New wave of job cuts likely across US as Covid-19 crisis crushes economy

The Labor Department's weekly jobless claims report on Thursday is also expected to show the number of people on jobless benefits hitting a new record high in mid-May

Job cuts by US state and local governments whose budgets have been crushed fighting the Covid-19 pandemic and more second-wave layoffs in the private sector likely contributed last week to a 10th straight week of more than 2 million Americans seeking unemployment benefits.

The Labor Department's weekly jobless claims report on Thursday, the most timely data on the economy's health, is also expected to show the number of people on jobless benefits hitting a new record high in mid-May, the Reuters reported

The report is being watched to assess how quickly the economy rebounds after businesses shuttered in mid-March to