Jack
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https://edition.cnn.com/2020/05/08/economy/april-jobs-report-2020-coronavirus/index.htmlWhile the media continues to tell people to be very, very afraid of this flu hoax, reality is beginning to seep in. Just a little bit.
With much of the American economy in self-imposed shutdown to prevent the spread of coronavirus, April’s colossal surge in unemployment delivered a historic blow to workers.
The US economy lost 20.5 million jobs in April, 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.
…
The unemployment rate soared to 14.7% in April, its highest level since the BLS started recording the monthly rate in 1948. The last time American joblessness was that severe was the Great Depression: The unemployment rate peaked at 24.9% in 1933, according to historical annual estimates from the BLS.
By all accounts, it’s been a devastating two months for American workers.
San Diego Unemployment Rate Nearly 27%, Breaking County Record Set During Great Depression
With the worst jobs report in history under our belt, which saw a record 20.5 million jobs lost in April, and the stated unemployment rate at 14.7%, some cities have been hit worse than others by the economic fallout from the pandemic.
To wit, after steadily increasing 2-3% every week for the past two months, the unemployment rate in San Diego county is at an all-time high of just under 27% - exceeding the previous record from 1933 set during the Great Depression, according to a report by the San Diego Association of Governments (SANDAG).
"It’s absolutely astounding, and this has never happened in the history of before to have this type of unemployment this quickly," said SANDAG Chief Economist Ray Major, who added: "We will end up going into a recession because of this and so the housing sector may be hurt. You may be able to buy an automobile more cheaply but that’s because there aren’t as many people out there trying to buy automobiles."
Source
https://www.zerohedge.com/economics/san-diego-unemployment-rate-nearly-27-breaking-county-record-set-during-great-depression