The unemployment rate captured only part of America’s economic pain.
By Alyssa Fowers Alyssa Fowers Graphics reporter focusing on data visualization and analysis Email Bio Follow May 8 The U.S. economy is in trouble, and today’s staggering unemployment numbers only tell part of the story. More than 27 million people stopped working between March and April, but over a third of them are not included in the official unemployment rate of 14.7 percent.
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[Sign up for our Coronavirus Updates newsletter to track the outbreak. All stories linked in the newsletter are free to access.] Henry Farber, an economist at Princeton University, explained that cutting hours could save on hiring and training down the road. “Many employers are laying people off reluctantly and expecting to bring them back,” Farber said."It’s expensive to hire and train new workers, and the best way to stay attached to your workers is cut hours but keep them on the payroll.”
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