Umployment Rate Surges To 14.7%, Wiping Out 10 Years Of Gains

As businesses closed in response to the coronavirus pandemic, many suddenly laid off and furloughed millions of employees. Layoffs were so severe, they nearly wiped out 10 years of job gains in just two months, and the official U.S. unemployment rate surged to 14.7% in April.That marks the highest unemployment rate since the U.S. Bureau of Labor Statistics started tracking the monthly data in 1948, and it’s on par with levels of joblessness not seen since the Great Depression in the 1930s, for which the BLS has compiled annual estimates.That’s because millions of jobless Americans are not coun…

Read More

HEDGE accordingly