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April US Jobless Rate Triples to Historic 14.7 Percent

Video Credit: Wibbitz Top Stories - Duration: 01:07s - Published
April US Jobless Rate Triples to Historic 14.7 Percent

April US Jobless Rate Triples to Historic 14.7 Percent

April US Jobless Rate Triples to Historic 14.7 Percent The Labor Department released April's numbers on Friday.

20.5 million jobs were lost during that month.

It is the most significant decline since the Great Depression in 1933, before the department began keeping record of job losses.

The numbers dwarf the 8.7 million job losses of the Great Recession in 2009.

Ryan Sweet, Moody's Analytics, via Bloomberg The silver lining to the historically devastating numbers is that 78.3 percent of Americans classified their job loss as a temporary layoff.

Economic analysts say that following past recessions, high temporary layoffs equated to a faster recovery once the economy stabilized.

Should the economy worsen, temporary layoffs have the potential to become permanent.


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