The Labor Department's closely watched monthly employment report released on Friday showed the unemployment rate spiked to 14.7 percent last month
Daily Mail: BREAKING NEWS: US unemployment rate hits 14.7% - the highest rate since the Great Depression - as more than 20.5 million people across the country suffer job losses amid COVID-19
* The US economy lost a staggering 20.5 million jobs in April with the unemployment rate spiking to 14.7 percent amid the COVID-19 pandemic
* Figures released Friday in Labor Department's employment report show the steepest plunge since the 1930s Great Depression
* The latest figures do not account for the many people who lost their jobs in April and didn't look for another one
* The unemployment rate is actually 20 percent if people, including many who have been furloughed workers, are included in the figures
* It comes after nearly 3.2 million laid-off workers applied for jobless benefits in the week ending May 2
* At least 33.5 million have now filed for jobless aid in the past seven weeks
* The latest weekly claims data had no impact on the government's April jobs report because it falls outside the period during which data was collected
The US economy lost a staggering 20.5 million jobs in April - the steepest plunge since the 1930s Great Depression and the starkest sign yet of how coronavirus is battering the world's biggest economy.
The Labor Department's closely watched monthly employment report released on Friday showed the unemployment rate spiked to 14.7 percent last month.
The report indicated that the vast majority of April's job losses - roughly 90 percent - are considered temporary, a result of businesses that were forced to suddenly close but hope to reopen and recall their laid-off workers.
The jump in the unemployment rate, however, didn't capture the full devastation wrought by the business shutdowns.
Read more ....
WNU Editor: The last time that I saw such a high unemployment rate was in Russia after the collapse of the Soviet Union. The scars of that economic disaster still exist in Russia today. Will the same happen in the U.S.. I definitely hope not.
More News On The Latest U.S. Jobs Report
Jobless rate spikes to 14.7%, highest since Great Depression -- AP
U.S. labor market shatters post World War 2 records as coronavirus lockdowns bite -- Reuters
Jobless rate soared to 14.7% in April as U.S. shed 20.5 million jobs amid coronavirus pandemic -- Washington Post
Unemployment surged to 14.7% in April, highest since Great Depression, as coronavirus triggered 20.5 million job losses -- FOX News
U.S. economy shed record 20.5 million jobs last month as unemployment rate soars to 14.7 percent -- NBC
A record 20.5 million jobs were lost in April as unemployment rate jumps to 14.7% -- CNBC
'It's totally expected. It's not surprising. Even the Democrats aren't blaming me for it.' Donald Trump reacts to record official job losses of 20.5 million in April -- Daily Mail
Worst Jobs Report In History: 20.5 Million Jobs Lost As Unemployment Rate Hits Record 14.7% -- Zero Hedge
Record 103,415,000 Not in Labor Force; Participation Rate Sinks to 47-Year Low -- CNS News
April Was The Worst Month For Jobs Since The Great Depression. Here’s What The Numbers Tell Us About Recovery. -- Sarah Hansen, Forbes
4 comments:
Wait for squirrel(wait for all the facts squirrel), keep looking for that nut squirrel!
Terrible numbers. Horrible even. And to understand that we did this to ourselves gives us both an understanding and a perspective to the situation. 8 weeks ago we were roaring along at 3% unemployment and a strong GDP. Then we intentionally hit the 'full stop' button and induced a recession. Not because of bank failures or market shenanigans, but for the sole purpose of limiting the Wuhan flu's impact on hospitals. That purpose has been served.
Anyone who advocates extending the shutdown and prolonging US stagnation is doing it for pure political reasons. Three main ones:
1) to harm the US economy in order to harm Trump's re-election bid.
2) to force the idea of mail-in balloting in order to steal the election through fraud.
3) to keep Biden from having to actually campaign, thereby saving the embarrassment he would bring on himself and the Dem party.
Just look and you'll find the definite prominence of a certain party affiliation in anyone who is pushing for extended shutdown. End the shutdown, stop the Democrat wishlist bailouts and open the economy.
Gonna fishing
Without license
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