The U.S. economy is expected to have shed 22 million jobs in April, tripling the nationwide unemployment rate to 16per cent, when new government data is published Friday morning.
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.
These payments, which workers and employers fund, are known as unemployment insurance benefits. Some 33.5 million people have filed for them since mid March, when states first began imposing stay-at-home orders, weekly data published Thursday shows https://www.reuters.com/article/us-usa-economy/millions-more-americans-file-for-jobless-benefits-productivity-tanks-idUSKBN22J0HT.So does that mean the U.S. economy now has 33.
Because the record number of claims this time had nothing to do with seasonal factors, researchers at the New York Fed suggested https://libertystreeteconomics.newyorkfed.org/2020/05/translating-weekly-jobless-claims-into-monthly-net-job-losses.html Thursday 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.
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