As the number of confirmed coronavirus cases continues to rises, so does the jobless rate. The US has now reached the highest unemployment rate in about 87 years.
According to the latest jobs report by the U.S. Bureau of Labor Statistics, unemployment jumped to 14.7 percent in April as 20.5 million people lost their jobs, which is the highest it had been since the Great Depression in 1933, and that doesn’t even count all job losses.
Is This Possibly The Highest Unemployment Rate Ever?
The real unemployment rate is said to be 24.9% as over 33.5 million workers have lost their jobs if you go by the number of jobless claims over the last seven weeks.
The numbers also don’t take into account the number of Americans who are working part-time jobs at the moment, so the actual amount of unemployed may be closer to 50 million. That’s a staggering number considering where this country was a few years ago under the Obama administration.
It looks at this point that although the country is slowly going back to work. The unemployment rate is still expected to be in the double-digits by November, which explains why the White House wants to rush getting people back to work despite the warning of doctors and scientists who say if the country goes back to work too soon.
As the coronavirus pandemic rages on, the number of COVID-19 cases will be on the rise again, and the number of people unemployed will remain high.