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U.S. Unemployment Rate Highest in 80 years

      

The U.S. Unemployment report just came out and unemployment numbers skyrocketed with a loss of over 20 million jobs by down 10.3% to a total of 14.7% due in large part to the coronavirus.

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(YorkPedia Editorial):- New York City, May 27, 2020 (Issuewire.com) – Facts Not Opinions just finished digging through the newest U.S. Unemployment data unemployment numbers skyrocketed with a loss of over 20 million jobs by down 10.3% to a total of 14.7% due in large part to the Coronavirus.

This is the highest-level unemployment since the Great Depression. Almost every industry in the nation was hit, with the largest sector being impacted for the second month in a row being the Leisure and Hospitality industry.

The employment issue is not being felt evenly across all demographics.

The rate was 13.0% for adult men,15.5% for adult women, 31.9% for teenagers, 14.2% for Whites, 16.7% for Blacks, 14.5% for Asians, and 18.9% for Hispanics.

The total number of those on temporary layoff increased to over 18 million.

Employment declined by 20.5 million for nonfarm payroll. 7.7 million jobs were lost in hospitality and tourism, with 5.5 million from restaurants and bars.

Employment declined by 2.5 million in education and healthcare, healthcare itself declined by 1.4 million with the highest losses of over 500,000 coming from dentists’ offices.

Retail jobs declined by 2.1 million. Manufacturing jobs declined by 2.1 million.

What are the Unemployment Demographics?

The unemployment issue is not being felt evenly across all demographics.

The rate was 13.0% for adult men,15.5% for adult women, 31.9% for teenagers, 14.2% for Whites, 16.7% for Blacks, 14.5% for Asians, and 18.9% for Hispanics. The total number of those on temporary layoff increased to over 18 million.

Employment declined by 20.5 million for nonfarm payroll. 7.7 million jobs were lost in hospitality and tourism, with 5.5 million from restaurants and bars.

Employment declined by 2.5 million in education and healthcare, healthcare itself declined by 1.4 million with the highest losses of over 500,000 coming from dentists’ offices.

Retail jobs declined by 2.1 million. Manufacturing jobs declined by 2.1 million.

There was an overall decline to the labor force to 60.2%, a fall of 2.5%. This is the lowest since 1973.

What’s the total employment in the US?

Total employment in the U.S. is now 133.4 million, 51.3 of the U.S. population.

This was the sharpest drop and the lowest rate since the Bureau of Labor Statistics first started measuring in 1948.

The last employment downturn of this level took 5 years. This has occurred in 1 month. When questioned about the 14.7% unemployment rate President Trump and what he will do the president responded “”What I can do: I’ll bring it back.”

Some Positive From the Current Unemployment Rate

A positive is that many of the job layoffs were due to furloughs or other temporary measures. The expectation is that once the companies go back to work we could see a slight rebound. The new figures have also brought back to light the issues with receiving state and federal benefits, as much of the funding has run dry. We are all eagerly awaiting an end to Covid-19 and it impacts on the economy.

Founders Dr. Jeremy Bennett, Assistant Professor at the Citadel, and Carlos Crameri, CEO of Curious Check, created Facts Not Opinions jointly to provide an exclusive worldwide outlook of information compacted into one website. “We saw a need for direct access to information that was not targeting a political agenda” – Dr. Jeremy Bennett. “We provide this service because everywhere you look, people are fully trusting and repeating other people’s opinions and not conducting their own research.” – Carlos Crameri.

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This Press Release was originally published by IssueWire. Read the original article here.


      

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