Worst Jobs Report In U.S. History

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

UN Labor Agency: Half Of The World's Workers May See Their Livelihood Destroyed Because Of The Pandemic

CNBC: Nearly half the global workforce at risk of losing income due to the coronavirus, warns UN labor agency

* Nearly four-fifths of the total 2 billion people in informal work are at risk of losing income due to the coronavirus.
* The ILO says 305 million full-time jobs are at risk of being lost in the second quarter, up from its previous estimate of 195 million jobs.

Some 1.6 billion people in informal work, which is nearly half the global workforce, have become at risk of losing income as a result of the coronavirus pandemic, the International Labor Organisation has estimated.

This represented nearly four-fifths (76%) of the total 2 billion people in informal work and close to half of the entire workforce, of 3.3 billion people, worldwide.

The informal economy refers to jobs which typically have little protection, such as for income in case of sickness or lockdown.

Read more ....

WNU Editor: I have been waiting for this report for the past few weeks, and their numbers are staggering. And if the pandemic continues, it will only get worse. The political/economic/and social unrest that these job losses will cause, especially in the developing world, can only be imagined. This is what causes wars and revolutions.

More News On The ILO's Report That The Pandemic Could Leave HALF The World’s Workforce Unemployed Or Without Income

Nearly half of global workforce at risk as job losses increase due to COVID-19: UN labour agency -- UN News
Coronavirus: Half world's workers may see livelihood destroyed -- BBC
Half of world’s workers ‘at immediate risk of losing livelihood due to coronavirus’ -- The Guardian
Coronavirus could leave HALF the world’s workforce unemployed or without income, UN agency warns -- Daily Mail
Coronavirus: Nearly half of world’s workers risk losing their livelihoods over COVID-19 lockdowns -- Euronews
Half the world's workers face losing their jobs, says ILO -- Al Jazeera
Nearly half of global workforce risk losing livelihoods in pandemic: ILO -- CGTN

Why Microsoft Hires War Vets

My Comment: A friend of mine has hired about 12 war vets for his company (a software support company) in the past few years. As far as he is concern .... their military discipline and focus has made them the best workers that he has ever had.

The Real Story Behind Veteran Unemployment Rates

The Real Story Behind Veteran Unemployment Rates: Perception vs. Reality -- G.I. Jobs

Chris Volk isn’t the kind of Soldier you usually see on TV. The 26-year-old Operation Iraqi Freedom veteran served in a combat zone, fixing HVAC equipment in a maintenance battalion. Volk used his education benefits when he left the Army to earn an associate degree, then landed an apprenticeship with Ameren Illinois, a subsidiary of Ameren Corporation. In June he’ll move up to gas utility journeyman – a good job with good benefits.

There’s nothing sensational about Volk’s success story. He’s not recovering from combat wounds, he’s not suffering from PTSD, he’s not homeless and he’s not coping with TBI. Volk made a smooth transition to civilian life, but stories like his don’t get much attention.

Read more ....

My Comment: Fortunately .... most vets do find work or "something to do" after serving their country. I do know that the media always focuses on the "bad news" .... and that is OK .... but we should take everything in perspective, which the above story does very nicely.

WNU Editor: Hat Tip to Robert Ethan Hahn for this story.

US Combat Vet Unemployment Hits 30%

A Very BAD Trend. US Combat Vet Unemployment hits 30% -- Global Guerrillas

Here's the unemployment rate for young veterans (16.6%, for vets up to 34). Note: from what I can tell from this Business Week analysis, they are using the weak measure of unemployment (not the one used during the Great Depression).

Combine that with:

* Lots of these guys are combat vets. They are typically the least employable given their training.
* There are many more yet to come. Hundreds of thousands have yet to be laid off. Big defense cuts are coming as the budget continues to gush red ink.

Unemployment is going to get much worse in the next couple of years.

Read more ....

My Comment: These numbers should give everyone pause .... and even First Lady Michelle Obama is trying to do something .... but to put it bluntly .... it's all politics and it will not impact veteran unemployment. After-all .... what jobs are we talking about .... the answer is .... none.

Bleak Job Prospects For Vets Returning Home

Veterans Of Recent Wars Confront Grim Employment Landscape -- Washington Post

IN HAUPPAUGE, N.Y. During the seven months that he was stationed in Iraq, Joe Janssen served as an assaultman, a job that involved manning the turret gun in a Humvee and using shoulder-fired rockets and other explosives to support his fellow Marines.

Those skills were invaluable in war. But they are of little use now that he is back home in Hauppauge, N.Y., a Long Island hamlet. He has applied for job after job since leaving active duty well over a year ago, but his efforts have proved futile.

Read more ....

My Comment: With trillion dollar deficits, companies reluctant to hire additional workers, higher taxes forecast for all .... yup .... prospects do not look good at all.