Opinion: The unemployment rate may be even worse than it looks (via latimesopinion)
included in his comments: “In addition to the increase in the number of unemployed people, there was also an increase in the number of workers who were classified as employed but absent from work for the entire reference week.” Beach raised the possibility that these workers may actually be temporarily unemployed — furloughed on account of pandemic-related restrictions.
Others will revive only as quickly as people regain confidence in their ability to go out and about without risk of contracting or spreading a potentially fatal illness. That category includes the leisure and hospitality industries, where the job losses neared 50% and arts, entertainment and recreation industries .
President Trump put a happier spin on the jobs report; according to Aaron Blake of the Washington Post,
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
White House economic adviser says the unemployment rate is 'likely' to hit 20% in May - Business InsiderWhite House Senior Economic Adviser Kevin Hassett said on Friday that unemployment is likely to hit 25% before entering a 'transition period' out of that high.
Read more »
Jobless claims climb to 33M in seven weeks as nation braces for historic unemployment rate3.2 million Americans filed for unemployment last week as claims continue their historic pace during the coronavirus pandemic
Read more »
33 million people in US sought unemployment aid since virus outbreakThe unemployment rate is forecast to reach 16 percent, the highest rate since the Great Depression, and economists estimate that 21 million jobs were lost last month.
Read more »
Great Depression-like U.S. job losses, unemployment rate expected in AprilThe U.S. economy likely lost a staggering 22 million jobs in April, in what would be the steepest plunge in payrolls since the Great Depression and the starkest sign yet of how the novel coronavirus pandemic is battering the world's biggest economy.
Read more »
April jobs report: U.S. employers cut a record 20.5 million payrolls, unemployment rate jumps to 14.7%The April U.S. jobs report is expected to shatter records when it comes to measuring the coronavirus’s impact on the domestic labor market.
Read more »
U.S. economy shed record 20.5 million jobs last month as unemployment rate soars to 14.7 percent“This is the biggest and most acute shock that we’ve seen in post-war history,” said one economist.
Read more »