Jobs Collapse Is Deeper Than the Government Says - Bloomberg
...The most recent government data are for mid-March, and report a 72.7% employment rate for 18- to 64-year-olds. As of mid-April, according to RPS, this rate dropped to 55.8%. That stunning 23% decline marks the lowest employment rate for the U.S. since 1962.
... In the six-week period ending last week, over 30 million workers filed for unemployment benefits for the first time. To put that in context, the worst six-week period during the Great Recession ended on March 28, 2009, with 3.9 million initial benefit claims.
... the official unemployment rate will be lower than actual job-market conditions suggest.
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