Sci-tech

Unemployment rate hits 14.7 percent with 20.5 million jobs lost in April

Unemployment rate hits 14.7 percent with 20.5 million jobs lost in April”

According to the monthly report by the Bureau of Labor Statistics, the unemployment rate in April was a staggering 14.7%, the highest on record in the post-World War II era. "For perspective, today's report is more than tenfold worse than the previous all-time high of 1.95 million job losses in September 1945".

The unemployment rate among women is now a staggering 15.5 percent in comparison to 13 percent among men.

The number of unemployed persons, meanwhile, rose by 15.9 million to 23.1 million in April.

A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, surged to 22.8% last month from 8.7% in March, suggesting almost one in four Americans is either unemployed or underemployed. "We will be testing the waters in the next few months to see if it can emerge safely from our policy-induced coma".

President Donald Trump, who faces the prospect of high unemployment rates through the November elections, said the figures were "no surprise".

It will be the "largest collapse in history", Roiana Reid of Berenberg Capital Markets said in an analysis of the April employment report.

"Although the unemployment rate only climbed to 14.7%, slightly below expectations, that was principally because the BLS is still having problems with misclassifying absent workers who should have been recorded as on temporary layoff", Capital Economics chief USA economist Paul Ashworth wrote in a note to clients.

More news: Ontario experiences drop in growth rate of COVID-19 cases

But there was optimism in the United States markets as investors felt the job losses in April were less than expected.

The Labor's Department's Bureau of Labor Statistics (BLS), which compiles the employment report, said the response rate for the establishment survey had returned to a normal range last month. This job loss has pushed the economy into a recession worse than 2007-09 era, and what's more, it's the worst job decline since the 1930s.

The sharp plunge in private payrolls suggests that the road to economic recovery may be steeper than previously believed.

The latest wave of job losses deepen the country's economic woes.

Economists, on average, had expected the loss of four million jobs and an unemployment rate of 18 per cent this April, according to financial markets data firm Refinitiv. "Well, even the Democrats aren't blaming me for that, but what I can do is I'll bring it back". "Those jobs will all be back, and they'll be back very soon".

The coronavirus has the USA economy coughing up a lung. "You're seeing trillions of dollars that's making its way into the economy, and I think this is going to have a significant impact".

As the Great Recession started to ease in 2010, and the economy started adding jobs again, Americans saw a rather extraordinary streak. It was cut short in February by a shutdown of much of the economy alongside strict social-distancing measures put in place after the outbreak of the CCP virus, commonly known as the novel coronavirus.



Like this

loading...
loading...

Latest


10 May 2020
Three children die from rare disease feared to be linked to coronavirus
Authorities said early recognition by pediatricians and referral to a specialist including to critical care is essential. The state has extended the deadline to file cases under the Child Victims Act to January 14 for sexual abuse victims.

10 May 2020
Secretary-General Guterres asks people to stop hate
The diplomatic sources said that UNSC member states had been struggling over the resolution for more than half a year. Without naming specific countries, Guterres called for an "all-out effort" to end this state of affairs.

10 May 2020
OnePlus 8 and OnePlus 8 Pro kernel source code is now available
Whatever the reason is, the very consumers who paid a fortune for these flagship handsets are facing the performance issues now. Coming to the OnePlus 7 Pro, the website states the phone starts from Rs. 39,999 but the phone is not listed on Amazon.

10 May 2020
Rock & Roll Icon Little Richard Dead At 87
Bette Midler noted the singer's influence on American musicians. " Little Richard was a genius, pure and simple", Midler tweeted. Although he fathered no children of his own, Little Richard adopted a son, Danny Jones, after the death of Jones's mother.

10 May 2020
Top US Covid-19 task force officials self-quarantine after possible exposure
Robert Redfield has been determined to have had a low risk exposure on May 6 to a person at the White House who has COVID-19. He also will be tested every day, he said, noting he was tested yesterday and was negative.

10 May 2020
EU court hits back at German ruling on ECB support
Experts are concerned that this decision will lead to other countries in the union, like Hungary and Poland, pushing against EU rule of law.

10 May 2020
Tony Ferguson reacts following TKO loss to Justin Gaethje at UFC 249
Ferguson was originally slated to square off with reigning division champion Khabib Nurmagomedov at tonight's event. I would have much rather got finished than have somebody stepping in". "Thank you for taking the fight".

10 May 2020
U.S. FDA authorizes first at-home saliva test for COVID-19
Initially, the government limited the test to health care facilities and testing sites with professional supervision. Rutgers University's RUCDR Infinite Biologics lab received an amended emergency authorization late Thursday.

10 May 2020
California county says Tesla may not reopen vehicle factory, stifling Musk's plans
Tesla, which partners with Japan's Panasonic on electric-vehicle batteries, is headquartered in nearby Palo Alto . On Saturday, she encouraged the county to collaborate with businesses on "acceptable guidelines for re-opening".

10 May 2020
MediaTek Dimensional 1000+ 5G chip announced for release on upcoming iQoo phone
The new chip is a slight update to the MediaTek Dimensity 1000 SoC that was released previous year in November. The new chipset also incorporates MediaRek's latest HyperEngine 2.0 technology.