Unemployment Is Really 35.7%

by Jim Quinn

HEADLINES: PANDEMIC-DEEPENED RECESSION HAS HAD ITS EMPLOYMENT COLLAPSE AND INITIAL GDP CONTRACTION – April 2020 U.3 Unemployment Rate Really Was 19.5% per Bureau of Labor Statistics, Where the Reported “Headline” 14.7% U.3. Reflected Survey and Classification Errors That Were Disclosed but Not Corrected, for a Second Month /

Headline 14.7% Was the Highest Unemployment Rate in the History of Series (Since 1948) /

April 2020 Payroll Plunge of 20.5 (-20.5) Million Was Worst in the History of the Series (Since 1939)