US suffers from highest unemployment rate since the Great Depression
The Department of Labor says that the U.S. is suffering from nearly 15% unemployment, which is the highest unemployment rate since the 1930s.
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May 9, 2020, 11:11 AM
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Updated 1,582 days ago
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The Department of Labor says that the U.S. is suffering from nearly 15% unemployment, which is the highest unemployment rate since the 1930s.
It says that 20.5 million total jobs were lost in April, which is the worst monthly loss on record.
The pandemic has essentially wiped out an entire decade of job growth - in just two months.
Nonessential businesses have moved online, temporarily closed or shut down permanently to slow the spread of coronavirus.
Stay-at-home orders have led to millions of job cuts, including around 8 million in the hospitality industry and 2 million more in retail.
New York residents say a broken unemployment claims system in the state is slowing people from getting paid as the bills start to pile up.
Nearly 80% of jobless claims are from people who are furloughed.
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