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Unemployment rate skyrockets

by Rachel Lynn Aldrich
Posted 5/08/20, 11:45 am

The U.S. unemployment rate hit 14.7 percent in April, the highest it has been since the Great Depression. Last month saw 20.5 million jobs lost, the worst on record, according to a Bureau of Labor Statistics report released on Friday. The unemployment rate does not count people who lost their jobs in April but didn’t look for new work, the report noted.

Is it going to get better soon? The number of applications for unemployment benefits remains high but has decreased for five consecutive weeks, suggesting the worst wave of layoffs has passed. But how quickly the unemployment rate falls again depends on when governors ease restrictions on businesses due to the coronavirus pandemic, how employers respond, and whether consumers resume their normal activities.

Dig deeper: Read Katie Gaultney’s report about the confusion over which businesses count as essential and can remain open during state shutdowns.


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Rachel Lynn Aldrich

Rachel is an assistant editor for WORLD Digital. Follow Rachel on Twitter @Rachel_Lynn_A.

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  • NEWS2ME
    Posted: Fri, 05/08/2020 03:59 pm

    I was thinking last night about ALL those people who have lost their jobs. Do people like Pelosi and the others in DC have a clue what it feels like to be without income. (No, because we still pay them. And they probably got a raise.) $1200 a month and a SNAP isn't enough to live on. Places where these people are renting have mortgages to pay. 

    It just blows my mind. 

     

  • NEWS2ME
    Posted: Mon, 05/11/2020 05:55 pm

    It truly pains me to see so many people out of work. And what this might do to the homeless situation.

    I'm thankful that I am mostly too old to work (69). And I hope that I won't have a need to work before I go to heaven.

    Another thought is that I hope this will make people appreciate their jobs more. During my time and before many people were thankful to get a job. We have brought kids up to believe they can do whatever they want, and if they can't then they will not be happy about their work. They grumble and complain while looking for the job that will make them happy. 

    Getting a degree won't guarantee a job that will make you happy. College won't guarantee you get more money. People used to tell you that you are overqualified if you had a degree. Having more seniority doesn't make you qualified for a managerial job. So much unhappiness in America. 

    We have brought up our kids to want it all now. They don't want to save for a house. They want it now. 

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