7 Major Coronavirus Developments - New Jobs Report Shows "Depression Level Unemployment" - May 8

GoLocalProv News Team

7 Major Coronavirus Developments - New Jobs Report Shows "Depression Level Unemployment" - May 8

The U.S. unemployment rate has hit 14.7 percent and 20.5 million jobs were lost in April — numbers not seen since the Great Depression.

The U.S. Labor Department announced the figures Friday morning. 

"The report underscores the speed and depth of the labor market’s collapse as the coronavirus pandemic took a devastating toll. In February, the unemployment rate was 3.5 percent, a half-century low. And even since the survey was taken, millions of people have filed claims for jobless benefits," reported the New York Times

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

"The April job losses alone far exceed the 8.7 million in the last recession, when unemployment peaked at 10 percent in October 2009. The only comparable period came when the rate reached about 25 percent in 1933, before the government began publishing official statistics," NYT continued. 

SLIDES: 7 Major Coronavirus Developments -- May 8, 2020 -- BELOW

"Worth noting: You’re only counted as unemployed if you’re actively looking for work, but many Americans aren’t looking for work because of state-imposed lockdowns — effectively warping the rate," wrote Axios on Friday. "Because the report only captures data through mid-April, the current unemployment rate is almost certainly higher."

WATCH LIVE: Former RI Director of Health Dr. Michael Fine Friday at NOON


7 Major Coronavirus Developments — May 8, 2020

Enjoy this post? Share it with others.