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The Gazette in Medina, Ohio

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This newspaper page contains 2 articles. Subscribers can read the full text of each article.

Newspaper

The Gazette

Location

Medina, Ohio, United States of America

Date

May 09, 2020

Page

3

Rapid U.S. unemployment soars amid health crisis fallout

The jobless rate jumped from 3.5 percent to 4.4 percent in two months, with economists warning recovery could take years. millions of workers lost jobs after a rapid downturn, including long-time Atlantic City casino staff. The Labor Department later noted misclassifications that would have pushed unemployment near 20 percent if corrected.

Gus Faucher PNC Financial Leslie Calhoun Atlantic City New Jersey U.S Trump Congressional Budget Office Labor Department Heidi Schierholz Schierholz Liberal Economic Policy Institute Neiman Marcus J.crew

Worst Jobs Report Since Great Depression Hits U S

The April jobs report shows 14.7 percent unemployment and over 20 million lost jobs, the steepest one month drop on record. Backdated estimates suggest true unemployment could near 23.6 percent, with widespread undercounting and misclassification. Immigrant workers bear heavy losses, college graduates fare better, and hours worked collapse, signaling a slow, uncertain recovery ahead.

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