U.S. unemployment rate to advance by nearly 20% on virus-beaten jobs market
The U.S. unemployment rate is expected to soar by about 20% in May, surpassing the historic record monitored during World War Two. The prediction is likely as millions of people suffer from joblessness, revealing the colossal damage of the novel coronavirus pandemic.
Two separate records were released and according to Reuters, the unemployment rate soared to 19.8% in May from 14.7% in April. This came to be the sharpest record since the government started releasing data in 1948.
The survey of establishments also rendered negative results, highlighting that nonfarm payrolls fell by 8 million jobs after the historic 20, 537 million job losses in April.
Moreover, consumer confidence was seen recuperating together with the services and factory sectors. Though recovery is gradual, this still indicates that the worst was over.