Well, it is official. This is the largest turnaround in the history of the United States.
The Department of Labor released the unemployment numbers for April. The rate climbed to 14.7% as 20.5 million workers were dropped from company payrolls. Less than 60 days ago, we were experiencing the tightest job market in 50 years and now we have the highest unemployment rate since such information was tracked. This jobless rate is substantially higher than the previous record of 10.8% in 1948 although most experts do believe the rate during the great depression was likely closer to 25%. Employment fell in all broad business sectors and across all groups of workers.
It should also be noted the Labor Department stated there were numerous additional households where workers said they were still employed but not working probably representing those temporarily laid off or furloughed. The unemployment rate may have reached another 5% higher if these people were counted.
Certainly, the pandemic has wreaked havoc not only on public health but also on the workforce and the economy. Leisure, travel, and hospitality businesses are experiencing the worst losses overall.
So the question remains, what does resurgence in the economy look like and when will it occur? As states begin to reopen their economy, the nation watches both the numbers related to the pandemic and the numbers related to jobs, spending, and investment. We are in Phase One in Missouri and we will bring you those numbers moving forward.
