*The unemployment situation is definitely bleak. Per the latest figures released today, the US economy lost an incredible 20.5 million jobs in April.
That figure represents the steepest decline since the 1930s Great Depression and the starkest sign yet of how coronavirus is battering the world’s biggest economy.
The US Labor Department’s closely watched monthly employment report showed the unemployment rate spiked to 14.7 percent last month – up from a 50-year low of 3.5 percent in February.
The latest figures do not account for the many people who lost their jobs in April and didn’t look for another one, including millions of workers furloughed during the pandemic.
The unemployment rate is actually 20 percent if those furloughed workers, who are entitled to apply for jobless aid amid the pandemic, are included in the figures.
The impact of those losses was reflected in the drop in the proportion of working-age Americans who have jobs: Just 51.3 percent – the lowest on record.
Read/learn more at Daily Mail.
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