Today’s unemployment rate of 4.4% is old news and here’s why…

The jobs report came out today and it puts the unemployment rate at 4.4% after the economy shed 700k jobs:

4.4% doesn’t sound all that bad, but many are pointing out that this doesn’t reflect the massive job losses we’ve seen in the last two weeks. Rather, these numbers point to about three weeks ago.

The actual unemployment rate, which includes the last two weeks, is much higher:

I think it’s likely around 13% at this point as the econ professor above notes. I seem to remember Trump saying in one of his briefings that it could go as high as 20%. With the explosive amount of unemployment claims we’ve seen in the last couple weeks, we’ll probably get there in the next two weeks.


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