Worst Unemployment Rate Since The Great Depression
Record 20.5 million American jobs lost in April. Unemployment rate soars to 14.7%. The US economy lost 20.5 million jobs in April.
The Worst Employment Ever Since The Great Depression, the Bureau of Labor Statistics said Friday — by far the most sudden and largest decline since the government began tracking the data in 1939.
Those losses follow steep cutbacks in March as well, when employers slashed 870,000 jobs. Those two months amount to layoffs so severe, they more than double the 8.7 million jobs lost during the financial crisis.
For many Americans who lost their jobs and their homes in the 2008 financial crisis, this moment reopens old wounds. It took years to rebound from those setbacks. When the economy eventually did crawl back, US employers added 22.8 million jobs over 10 years — a victory for all those who had weathered the Great Recession. With the silver lining being the economic downturn comes after fast pace increase of the stock market for the past three years, it is no doubtedly a big concerned for three reasons. (1) China is catching up and will not relent; (2) The world of technology is more flat than ever; (3) The population increase coupled with automation technology will make it harder for people to get decent jobs with life long career prospects.