Young man walking on Fifth Avenue towards Flatiron Building in New York CityEmployment dropped by 20.5 million, more than 10 times the previous largest monthly decrease of 1.96 million experienced in September 1945 after World War II ended. Unemployment among all groups of workers increased sharply in the COVID-19 recession. Maxwell/Epstein Data Dump Proves Obama/Clinton/Mueller Crime Syndicate Running Blackmail Ring
The Great Depression unemployment rate was nearly 25% of the working population. But the reasons for the Great Depression unemployment rates were different from what’s happening now. No. The continuous claims came in at just under 16 million, an all-time record. Why It’s Unlikely We’re Headed for a Great New Depression Due Covid-19There’s some hope on the horizon that the financial woes due to Covid-19 won’t last for many years. Hong Kong Delays Election Over ‘Coronavirus Fears’ — There is no date when a vaccine will be ready. The Great Depression unemployment rate was nearly 25% of the working population. Surgeon General Tells Trump He Looks ‘Bada**’ in Mask In question 14 it added, “If the workers who were recorded as employed but not at work the entire survey reference week had been classified as “unemployed on temporary layoff,” the overall unemployment rate would have been higher than reported.” After going through a number of assumptions and calculations it says, “The Employment Situation news release yields a similar 4.8 percentage point increase in the unemployment rate for April—or 19.5 percent, compared with the official seasonally adjusted rate of 14.7 percent.”The first reason April’s unemployment rate was at Great Depression’s level was due to the misclassification of 8 million people.There is another unemployment rate called U6 that is broader than the rate that is normally referred to or the U3 rate. According to the Bureau of Labor Statistics, unemployment reached 24.9% that year, adding up to 15 million Americans out of work. The answer is clearly #2.Besides the important distinction between layoffs and lockdowns, there is another reason that The problem here is that Summers is viewing things through the lens of aggregate demand: following a financial crisis, consumers and businesses try to pay down debt, and this means that only government pump-priming can boost total spending up to full employment levels (especially if we’re in a liquidity trap).But since that’s not the issue here, Summers thinks that once the lockdown ends all of the “pent up” consumer demand will return and things should go back to normal. Mainstream labor economists estimate that, all things considered, the actual unemployment rate now (which is only officially reported with a lag) is above 20 percent—a rate not seen since the darkest days of the Great Depression.