U.S. labor market shatters post World War 2 records as coronavirus lockdowns bite

WASHINGTON - The U.S. economy lost a staggering 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression and the starkest sign yet of how the novel coronavirus pandemic is battering the world’s biggest economy.

“If there is a silver-lining in today’s dismal jobs report, it is in the realization that the economy cannot possibly get any worse than it is right now,” said Chris Rupkey, chief economist at MUFG in New York. “Joblessness can only diminish from this point forward as many states start reopening.” Dentists have closed offices, while general practitioners and hospitals have seen a reduction in patient visits as people stay at home in fear of contracting the highly contagious virus. Hospitals have also suspended elective surgeries to focus on the treatment of COVID-19 patients.

The employment-to-population ratio, which is viewed as a better measure of an economy’s ability to create employment, tumbled 8.7 percentage points to 51.3%, the lowest rate since the series started in 1948. Unemployment rose for all demographic groups last month.

Comes The Revolution...

TrumpDepression - he got something named after him that will be spoken of in a hundred years!

So why the hell is the market still trading higher? The U.S. announces 14.7% official unemployment rate (we know it's higher) and the Dow goes up 1.47%. You couldn't write this script if you tried.

We should have just done what Sweden did. Somewhere along the line we went from 'flattening the curve' so we didn't overwhelm hospitals, to 'we need to prevent all death.' Folks, people are going to die. If they don't want to, let them stay home safe.

Why won’t you idiots investigate why the stock market is pumping on this news rather than telling us what we already know 50X a day?

REOPEN, that is the problem. Dictators in state governments improperly exceeding power to keep everything closed and then paying people an extra $600 to stay home from work. OPENAMERICANOW it is the state governors causing this.

trump tanked the economy. resist the trump lockdown!

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Coronavirus live updates: Unemployment reaches post-World War II levels, WHO wants to research Wuhan marketThe second half of 2021 is probably the “best case scenario” for coronavirus vaccine approval, Dr. Scott Gottlieb says. “But they could be available much sooner than that to be used on an emergency use basis and also be used in large scale trials.” So the stock market has completely detached itself from reality? Got it. The Virus is here to stay. The flu we get yearly is descended from the 1918 Spanish flu pandemic that killed tens of millions. We need to adapt and overcome, health capable people cannot stay locked in. We can smartly reopen What's good for NY is not good for NC Instead of controlling unapproved WHO information on YouTube, news media outlets should be streamlined and consolidated by some agency. Every channel tells a different timeline for a vaccine & people are expected to make a call to take debt or shut down their biz basis ambiguity.
Source: CNBC - 🏆 12. / 72 Read more »