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Coronavirus: Pandemic sends US jobless rate to 14.7% (3)

1 Name: Mr newsy : 2020-05-08 09:58 ID:V0fP+elk [Del]

The US unemployment rate has risen to 14.7%, with 20.5 million jobs lost in April, as the coronavirus pandemic devastated the economy.

The rise means the jobless rate is now worse than at any time since the Great Depression of the 1930s.

Since the pandemic began, the US has suffered its worst growth numbers in a decade and the worst retail sales report on record.

Just two months ago, the unemployment rate was at 3.5%, a 50-year low.

"It is historically unprecedented," said economist Erica Groshen, former head of the government's Bureau of Labor Statistics, who now teaches at Cornell University. "We have put our economy into a medically induced coma in order to heal it from the pandemic... and that has led to the most precipitous loss of jobs seen in any of the modern data."

https://www.bbc.com/news/business-52591262

2 Name: DefterMoon : 2020-07-06 00:18 ID:6xarw4za [Del]

I really hope shit doesn't hit the fan once this all ends.

3 Name: Protoboomer : 2020-07-17 14:13 ID:NCasWCJ2 [Del]

Well you also gotta consider that a majority of the unemployment is due to temporary lay offs.