U.S. Unemployment Rate 14.7% – Highest level since Great Depression

LAS VEGAS — (05-08-20) — Shocker as U.S. unemployment rate hits 14.7%, the highest level not seen since the Great Depression. Employment fell by 20.5 million in April as the coronavirus shut down the U.S. economy and decimated various industries, according to the U.S. Department of Labor.

When the month of April began, there were already 7.2 million unemployed people in the U.S.A — and by its end, there were 23.1 million, an increase that reflects “the effects of the coronavirus pandemic and efforts to contain it,” the U.S. Department of Labor report said.

Watch Frances Stacy, director of portfolio strategy at Optimal Capital, join CBSN to talk about the numbers.

Women were hit with about two percentage points higher than men (15.5 percent vs. 13 percent), while teenagers faced even higher rates coming in at 31.9 percent.

Hispanic Americans were also hit hard with an 18.9 percent unemployment rate. Black Americans came next with 16.7 percent, followed by Asians with 14.5 percent and whites with 14.2 percent.

The Washington Post reported…”All of the unemployment rates, except for those of black people, represent record highs for their respective groups — and the total job losses are double what the country experienced during the Great Recession from 2007-09, according to the Washington Post.

Article by: Paul Goldberg, Staff Writer

Sign Up Below for #JRLCHARTS Breaking News and Follow @JRLCHARTS Daily on Twitter