The U.S. Bureau of labor statistics unveil numbers and the US unemployment rate jumped 25% during the March 2020 period. It’s set to 4.4 percent, the highest rate since August 2017 and well above market expectations of 3.8 percent. The COVID-19 crisis threw millions of americans out of work.
During last month, the number of unemployed increased by 1.35 million to 7.14 million, while the number of employed declined by 2.99 million to 155.77 million.
Unfortunately, the numbers are expected to get even worse in April as the government surveyed businesses and households for the report in mid-March, before majority of people was under some form of a lockdown on many states across the United States because of the COVID-19 crisis.
According to thi website, as April 10th, the United States will reach 500,000 cases of people infected by coronavirus (COVID-19).
Food services sector are among the largest sector touch by those millions layoffs across the country.
According to Fortune, the real unemployment in the United States has likely hit 14.7%, the highest level since 1940, during the World War II.
Finally, according to the U.S. Department of Labor. another 6.6 million Americans filed initial unemployment claims in the week ending April 4. That follows 3.3 million and 6.9 million in the two previous weeks.
Some experts believe that for the April month. the unemployment rate could climb as high as 20% in the United States.
John Williams Shadow Government Statistics website believe it’s higher than that for March period with a 22.9% unemployment rate.