No ‘V’-shape return from devastating U.S. job loss, Fed policymakers say

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SAN FRANCISCO (Reuters) – As many parts of the world’s biggest economy begin to reopen after weeks of stay-at-home orders that slowed the spread of the coronavirus but gutted jobs, Americans should not expect a quick return to growth, U.S. Federal Reserve officials said on Friday.

FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019. REUTERS/Brendan McDermid

“A couple months ago I was optimistic, I was hopeful, that maybe we would have a ‘V’-shaped recovery – shut things down, clamp down on the virus, and then have a quick recovery,” Minneapolis

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Coronavirus deals U.S. economy Great Depression-like job losses, high unemployment

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WASHINGTON (Reuters) – The U.S. economy lost a staggering 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression, laying bare both the economic and human tragedy wrought by the novel coronavirus pandemic.

The Labor Department’s closely watched monthly employment report on Friday also showed the unemployment rate surging to 14.7% last month, shattering the post-World War Two record of 10.8% touched in November 1982. It underscored the depth of the recession caused by lockdowns imposed by states and local governments in mid-March to curb the spread of COVID-19, the respiratory illness caused by the virus.

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Amid lockdown dispute, Musk says he will move Tesla out of California

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FILE PHOTO: Tesla Inc CEO Elon Musk speaks at an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo

(Reuters) – Tesla Inc’s (TSLA.O) chief executive Elon Musk tweeted here on Saturday that Tesla will move its headquarters and future programs to Texas or Nevada from California immediately.

“If we even retain Fremont manufacturing activity at all, it will be dependen (sp) on how Tesla is treated in the future,” he wrote on Twitter, referring to the facility in the San Francisco Bay area that is Tesla’s only U.S. vehicle

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It pays to stay unemployed. That might be a good thing

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People walk along Broadway as the coronavirus keeps financial markets and businesses mostly closed on May 08, 2020 in New York City. The Bureau of Labor Statistics announced on Friday that the US economy lost 20.5 million jobs in April. This is the largest decline in jobs since the government began tracking the data in 1939. (Photo by Spencer Platt/Getty Images)

Spencer Platt

Americans have lost jobs by the millions as the coronavirus pandemic continues to bludgeon the U.S. economy.

However, many jobless workers stand to reap a financial benefit from their layoffs.

Some could more than double their prior

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