The U.S. economy is expected to have shed 22 million jobs in April, tripling the nationwide unemployment rate to 16%, when new government data is published Friday morning.
FILE PHOTO: People who lost their jobs wait in line to file for unemployment benefits, following an outbreak of the coronavirus disease , at Arkansas Workforce Center in Fort Smith, Arkansas, U.S. April 6, 2020. REUTERS/Nick Oxford
The unemployment rate is part of a monthly report from the federal government’s Labor Department, showing how many people don’t have jobs as a percentage of the overall American workforce. The “jobs report,” as the release is known, provides two important labor market yardsticks: that unemployment rate, generated by a survey of households, and nonfarm payrolls, from a survey of businesses.
But some economists believe the “true” unemployment rate for April could be double that - meaning that more than a third of Americans who want or need to work cannot do so.Many U.S. workers who lose their jobs are eligible for weekly payments to help tide them over until they find their next job. Because the record number of claims this time had nothing to do with seasonal factors, researchers at the New York Fed suggestedThursday a starting point for estimating what the Friday report might show for April's job losses is the raw number of unemployment claims, which for the five weeks covered by the April report was 24 million.
A broader measure of unemployment, called U-6, captures people who are not counted in U-3, like those working fewer hours than they would like, or who looked for work in the past but just not recently.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
#IRUNWITHMAUD Virtual Run Planned for Friday, May 8“[Arbery] loved to run,” Jason Vaugn, Arbery’s high school coach and one of the organizers of the run, tells Runner’s World. “He loved to do it. It cleared his mind and it helped him make sense of the world. Unless it was pouring rain, he was running.”
Read more »
Heavily-restricted NBA practices expected to resume on FridayNBA teams are expected to get the go-ahead to reopen practice facilities for limited use as early as Friday, less than two months after the coronavirus outbreak forced the suspension of the season.
Read more »
Steve Aoki is coming to 'Fortnite' Party Royale this Friday'Fortnite' is hosting another Party Royale event, and this time Steve Aoki, Dillon Francis and deadmau5 are being featured. Get all the big details here.
Read more »
NBA teams can reopen practice facilities Friday; at the moment, only three teams are on boardNBA's Cavaliers, Nuggets and Trail Blazers plan to open practice facilities for workouts Friday, but Golden State won't open until June 1 at earliest.
Read more »
Fed's James Bullard says the jobs report on Friday will be one of the worst ever“There’s no question this is very, very disruptive,” St. Louis Fed President James Bullard says. “We expect a very sharp increase in unemployment, a very sharp job loss.”
Read more »
Fortnite Sets Steve Aoki, deadmau5 For Friday Concert, Announces New Audience Size MilestoneFortnite is celebrating a milestone in audience size, and has set the next edition of its onsite concerts. DJs Steve Aoki and deadmau5 are expected to headline Fortnite’s latest in-game concert thi…
Read more »