Goldman says almost a quarter of temporary Covid-19 layoffs in US to be permanentbusinessUpdated: Aug 23, 2020 06:42 ISTThe rehiring of temporarily laid-off workers will continue to bolster the US labour market’s recovery in the months ahead, but Goldman Sachs Group Inc. expects almost a quarter of those layoffs to become permanent. The staggering figure had a small silver lining: the majority of those layoffs were billed as temporary. More than 18 million people were classified as temporarily unemployed in April, the most on record. Goldman Sachs now anticipates that almost a quarter of the temporary layoffs will become permanent. While the transition rate from temporary to permanent layoffs remains historically low, the figure nearly doubled from June to July, and Goldman expects further increases as fiscal support and the Paycheck Protection Program dries up.

Source: Hindustan Times August 23, 2020 01:13 UTC