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.

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