Unemployment jumps to 14.7 percent

This morning’s jobs report from BLS confirms what LinkedIn data showed yesterday: April was a grim month across hiring, unemployment and layoffs. The report shows 20.5 million nonfarm jobs lost, the largest single month of job losses on record, and the unemployment rate rose to 14.7%, the highest since 1940. This single-month increase of 10.3 percentage points is by far the largest on record. That spike actually understates the increase in labor market distress. A third of workers who lost jobs in April did not count as “unemployed” as they did not actively look for new work. Something I’ll be tracking closely moving forward: of 23.1 million unemployed, 18.1 million reported they were on “temporary layoff”. It’s hard to know whether those temporary layoffs will become permanent -- but if many of these 18.1 million jump back into employment, it would speed the recovery. And as I noted yesterday, we’re seeing in our data that hiring didn’t see any steep drops towards the end of April and early May. This BLS report covers the period between April 12-18, so we may signs of stabilization in May’s report. You can read more about our recent data here: https://lnkd.in/gEKzPMU

California sets in motion a seismic shift for election administration with vote-by-mail ballots to every registered voter in the state - that’s over 25,000,000 ballots - similar count for all of Canada! #democracy #COVID19

Devastating jobs number. Expected but real. There is more to come unfortunately. We have bigger picture thoughts but in a block and tackle mode as the country moves forward. Wishing everyone a great weekend. Happy Mother's Day to all the great Moms in my network. #interestrates #economics #markets #federalreserve #finance #business #money #investing #usa Devin Banerjee, CFA Michael Naidrich Patrick Perdue Carmine R. Urciuoli AmeriVet Securities, Inc.

Today’s jobs report is by far the worst in U.S. history, highlighting the depth of the unprecedented toll the coronavirus is having on the labor market. * 14.7% unemployment rate * 22.8% U-6 rate * 20.5m jobs shed in a single month

Today's monthly employment report shows the steepest plunge in payrolls since the Great Depression. But there's a 'silver lining,' one economist tells Reuters: 'The economy cannot possibly get any worse than it is right now.' Read more: https://reut.rs/3bhlNMh And if you're short on time, here's the story in one gif ??

One in five Americans are now unemployed as the coronavirus pandemic claimed 20.5 million more jobs in April. The numbers are worse than they look, under represent the building economic toll, and call into question expectations that the U.S. economy will recover relatively quickly. My take: https://lnkd.in/drs5mNW

There aren't any words available to describe how catastrophic the April jobs report was. Employers cut 20.5 million jobs in the month – the most ever, and more than 10 times the previous record decline of two million in September 1945. Meanwhile, unemployment surged to 14.7 percent, but that might be understating the problem, based on the way joblessness is calculated at the Bureau of Labor Statistics. Read more on why it's likely much worse: