US unemployment rate hits 14.7% as more than 20.5 million people lose their jobs

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NEWS: Unemployment in the United States reaches 14.7% – the highest rate since the Great Depression – as more than 20.5 million people across the country experience job losses as a result of COVID-19

US unemployment rate soared to 14.7% in April – the highest rate since the Great Depression of the 1930s – as more than 20.5 million Americans suffered job losses during the pandemic of coronavirus.

The Ministry of Labor’s monthly employment figures released on Friday are compelling evidence of the damage caused by the coronavirus to an economy in disrepair today.

Job losses broke the 10.8% record reached after the Second World War in November 1982.

The latest figures do not take into account the many people who lost their jobs in April but did not look for another, including millions of workers on leave during the pandemic.

The unemployment rate is actually 20% if workers on leave, who have the right to apply for unemployment assistance during the pandemic, are included in the figures.

Unemployment in the United States soared to 14.7% in April - the highest rate since the Great Depression of the 1930s - as more than 20.5 million Americans suffer job losses during the coronavirus pandemic

Unemployment in the United States soared to 14.7% in April – the highest rate since the Great Depression of the 1930s – as more than 20.5 million Americans suffer job losses during the coronavirus pandemic

Data for March has been revised to show that 870,000 jobs were lost instead of 701,000, as previously reported, with the unemployment rate dropping to 4.4% from 3.5% in 50 years.

This figure, however, does not take into account the millions of jobs lost in the last two weeks of March when the coronavirus pandemic forced states to close.

The latest figure of 14.7 percent comes a day after the Labor Department’s report on weekly unemployment benefit claims showed that almost 3.2 million laid-off workers had asked for help during the week ending May 2.

At least 33.5 million people have applied for jobless assistance in the seven weeks since the coronavirus began forcing millions of companies to shut down, putting the US economy in focus dead.

The latest weekly claims data had no impact on the government’s employment report for April, as they are outside the period during which the government surveyed establishments and households. for his monthly report.

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