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Great Depression II: 20.5 Million Jobs Lost In Worst Ever Payrolls Report

April's jobs report is, quite simply, the single worst top-tier economic data print in modern history.

The worst US jobs report in modern history is in the books. The numbers are staggering, even as they were expected. 20.5 million American jobs were lost in April, a figure that is orders of magnitude worse than the previous record set in September of 1945, following the end of the second world war. The previous month's headline figure (which showed 701,000 jobs lost in the March survey period), was revised higher to 870,000. The headline number for April validates what most observers had already surmised based on the number of Americans filing for unemployment benefits over the last seven weeks. Nearly all of the jobs created over the course of the longest US expansion on record were wiped off the board in a single month. On Thursday, the latest weekly figures showed another 3 million Americans filing, bringing the running total of jobless claims stemming from the crisis to nearly 34 million. The unemployment rate more than tripled to 14.7%, a record in data going back some 75 years. Just three months ago, it was sitting at a five-decade nadir. Some economists expect the jobless rate will eventually top levels seen during the Great Depression, amid an ongoing deluge of
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7 comments on “Great Depression II: 20.5 Million Jobs Lost In Worst Ever Payrolls Report

  1. But wait a minute here. I saw a headline declaring that the 14.7% was good because expectations were at 15.2% !!

    How anyone came up with the 15.2% estimates is not clear, but it was A BEAT!!

    • This is commonly known as the analyst expectations game…very easy to rig the results as no one every pays any attention to the original ‘guess’ only the beat or rare miss…..

      • Yep. I also wonder if there is a big options strike at 2900? If expiring soon, it’ll stay pegged around it as longs try to squeeze out their last pennies.

  2. All those low wage workers are going to be surprised to see their wages even lower when they do finally get another job offer. It’s going to be interesting and scary to see what happens with those wages over the next year.

    • And with lower wages, a corresponding drop in consumption. I’m not a pro, but a big rise in consumption this year just doesn’t seem to be in the cards.

  3. The only real question is whether PayDay Lenders will be eligible for the SBA and Fed Main St programs.

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