Washington, Jun 4 (AP) The US government is set to issue its latest report Thursday on the layoffs that have left millions unemployed but have steadily slowed as many businesses have begun to reopen and to rehire some laid-off workers.

The pace of job cuts has been declining over the past two months after the coronavirus had struck hard in March, forced widespread business closures and sent the economy into a deep recession.

Also Read | Indian-American Businessman Rahul Dubey Hailed as Hero After He Opens His Home for Over 70 Protestors in US.

The dwindling pace of jobless claims suggests that the devastation in the job market may have bottomed out. Still, by historical standards the number of weekly applications remains high.

On Friday, the government is expected to report that the economy lost 8 million jobs in May, on top of 20 million lost in April.

Also Read | 960 Foreigners Face 10-Year Ban From Entering India For Involvement in Tablighi Jamaat Activities, Says Report: Live Breaking News Headlines & Coronavirus Updates, June 4, 2020.

Unemployment could near 20%.

The job cuts reflect an economy that was seized by the worst downturn since the Great Depression.

Most economists foresee unemployment remaining in double digits through the November elections and into 2021. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)