What is the current unemployment rate in the us 2020
Most state governments asked or required nonessential businesses to close. Many of the unemployed expect to be rehired in the near future. State governments are slowly allowing restaurants, services, and other nonessential businesses to gradually reopen. Just two months ago, the rate was at the high end of the range of 3. Employers were having trouble finding enough workers to keep operating at full capacity. To give you some perspective, April's unemployment rate is the highest since the Great Depression.
US job losses have reached Great Depression levels. Did it have to be that way?
As the economic shutdown associated with coronavirus prevention measures nears the completion of its first full calendar month, a clearer picture is emerging of just how hard the hit has been to U. An economy that had been near full employment just two months ago is now in its most dire straits since the Great Depression.
New filings for weekly jobless claims, reported Thursday, added to the gloom with another 4. That brought the five-week total to more than 26 million. While bad enough on its own, it helped to complete a picture that likely will show the U.
How high that number will get is still unclear when the Labor Department reports the April nonfarm payrolls data in two weeks. However, the current numbers look bad. Ashworth himself sees the level at the high end of that range, though he said it may not be quite as bad as it looks on the surface. Federal Reserve economists released a study a week ago that has grabbed some attention on Wall Street. The central bank, studying weekly payroll data from processing firm ADP, indeed found that of the 18 million or so jobs lost in the first weeks of the lockdown were largely temporary layoffs.
Those separations, though, were more than double the 8. That total is important as it will provide a fuller picture of the jobs situation than was apparent from the March report earlier this month. That count showed a decline of , but did not represent the full damage because the sampling happened before the worst of the job losses.
The Fed estimated that 13 million more jobs were lost in the last two weeks of the month, after the period the BLS used for its estimate. However, she also thinks the actual number will be lower in part because a number of those filing for benefits while waiting to go back to work will not be counted in the unemployment rate.
Sign up for free newsletters and get more CNBC delivered to your inbox. Get this delivered to your inbox, and more info about our products and services. All Rights Reserved. Data also provided by. Skip Navigation. Markets Pre-Markets U. Key Points. Jobless claims over the past five weeks have totaled more than 26 million, far worse than anything the U.
April 6, VIDEO Squawk on the Street. At the same time, she said the worst of the unemployment news may be behind us. Related Tags. News Tips Got a confidential news tip? We want to hear from you. Get In Touch. CNBC Newsletters. Market Data Terms of Use and Disclaimers.
The US unemployment rate jumped to percent in April , the highest in the history of the Actual, Previous, Highest, Lowest, Dates, Unit, Frequency. (NOTE: On May 8, , BLS discovered errors in national estimates percent, the U.S. Bureau of Labor Statistics reported today. In April, the unemployment rate increased by percentage points to percent.
Login CDMNext. United States's Unemployment Rate increased to United States's Unemployment Rate is updated monthly, available from Jan to Apr , with an average rate of 5. The data reached an all-time high of
As the economic shutdown associated with coronavirus prevention measures nears the completion of its first full calendar month, a clearer picture is emerging of just how hard the hit has been to U. An economy that had been near full employment just two months ago is now in its most dire straits since the Great Depression.
The latest jobs losses are the worst monthly figure on record. The previous peak for unemployment was The job losses swept across the economy, hitting all industries.
U.S. Jobs Report Shows Clearest Data Yet on Economic Toll
The US unemployment rate jumped to The number of unemployed persons rose by The labor force participation rate decreased by 2. Unemployment Rate in the United States averaged 5. This page provides the latest reported value for - United States Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of
An unemployment rate of 23%? The real jobless picture is coming together
Additional Information. Show source. Show sources information Show publisher information. Seasonal adjustment is a statistical method used to remove the seasonal component of a time series that is used when analyzing non-seasonal trends. It is normal to report un-adjusted data for current unemployment rates, as these reflect the actual current situation. Seasonally-adjusted data may be used for the longer term comparison. Unlike trend and cyclical components, seasonal components, theoretically, happen with similar magnitude during the same time period each year. The seasonal component of a series is often considered to be uninteresting in its own right and may cause the interpretation of a series to be ambiguous.
The U. How so?
This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here. Tesla has told employees it intended to restart its factory in Fremont, Calif. The company informed employees of the plan in company emails that were reviewed by The New York Times.
20m Americans lost their jobs in April in worst month since Great Depression
Bronze figures at the Franklin Delano Roosevelt Memorial depict jobless men waiting in a food line during the Great Depression. The unemployment rate shot up to The dire, but expected, jobless rate all but confirms that the U. There's no surprise. But what I can do is I'll bring it back. The government data likely understates the damage, as the figures in the jobs report come from surveys conducted the second week in April. The nearly Thirty-one states have updated their systems to start paying benefits to this group, but 21 of those states implemented the new program only in the last two weeks. The number is also likely an underestimate of the true scope of unemployment because of the way the survey works. To be counted among the unemployed, a worker must be looking actively for work, something many people aren't doing because of the pandemic. Large numbers of people also classified themselves as employed but absent from work, rather than unemployed on temporary layoff, artificially suppressing the unemployment rate by about five percentage points, said Ian Shepherdson chief economist at Pantheon Macroeconomics. The latest data indicates that women and minorities, who represent a large part of the service sector labor force, have taken the brunt of the losses. Some Black Americans are facing an unemployment rate of The leisure and hospitality industry, which lost nearly half its jobs in two months, was ravaged the most by the pandemic, according to the government data.
Great Depression 2020? The unofficial U.S. jobless rate is at least 20%—or worse
In two, terrible, months the coronavirus pandemic has driven unemployment in the US to levels unseen since the s Great Depression. Did it have to be this way? The official unemployment rate had shot up from 4. Across the Atlantic in Europe unemployment rates, while rising sharply, have yet to match the devastating rises experienced in the US. In Germany the International Monetary Fund is predicting an unemployment rate of just 3. Retaining skilled workers and maintaining households in crisis, in principle, should allow people, companies and countries to bounce back faster once the crisis passes, he said. The US, instead, is largely relying on its unemployment insurance program to deal with the crisis.
