29.1 Million American Remain Unemployed


29.1 Million American Remain Unemployed

By Editor, Bear Market

As of June 18th, there was an estimated 49.5 million job losses from March until today in mid-June.

50 million… In only 4 months.

That’s 15.2% of the entire US population.

And 24.3% of the estimated 206 million working age population in the US. Working age population is between 15 to 64.

This is shocking enough as it eclipses the estimated 22.4 million total jobs created from 2010 to February 2020.

But another way to think about this is that it took from December 1986 to January 2020 to create a net total of 50 million jobs… 33 years. But we lost this same amount of jobs in only 4 months.

While these numbers are horrific, they don’t show the full economic pain us Americans are now facing either.

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According to the same report released by The Bureau of Labor Statistics on June 18th, 2020 there are still an estimated 29.1 million Americans receiving unemployment benefits via state of federal programs.

This means the “true” unemployment in the US right now is around 14.1%.

I put true in quotations because this number doesn’t include people who have stopped looking for work. And it also doesn’t include people who are still getting paid but not working.

The real unemployment rate is probably near 19%.

The only time unemployment was higher in US history was during the Great Depression.

These numbers mean that an estimated 1 in every 5 working age Americans are out of work.

Again, horrific.

Mass unemployment is devastating for the unemployed and their families of course… But also, for our communities, cities, and states… And the US and the world.

We’ve covered how this affects every day Americans like you and I in some of our recent articles that you can read below.

The Effects of 64 Million Americans Having No Emergency Savings Fund

Millions of Americans Are Now Longer Paying Their Bills

How this is and will affect various industries.

An “Epic Financial Threat” To Hospitals

Oil Prices Crash By 12.5% Again

And, how this affects the US.

US GDP Projected To Fall 53% in The 2nd Quarter

These newest numbers are horrible.

Don’t let anyone in the Mainstream Media convince you this is good… Which they’re trying to tell you because they say things are improving.

Are they? Yes, but minimally.

In the short-term monthly job losses falling from 7 million weekly in mid-March to 1.5 million in this week is a good thing.

But when you consider this in the context of history it’s not. Look at the chart below.

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This is the chart of weekly job losses in the US going back to the 1960’s… With my red mark denoting the approximate level of this week’s job losses since the data isn’t updated yet.

The worst weekly job losses during the Great Recession was 665,000 in March 2009.

And the record in the US before March 2020 was 695,000 in the fall of 1982.

These previous records from 1982 and 2009 barely show as a blip in the chart above. Even with the huge recent drop in numbers to 1.51 million this week.

That’s still more than double the previous record from 1982… Yet some in the media are acting like this is great news.

Are things getting better in the short term with these job losses. Yes. And that’s good.

But that’s when you just consider the short term.

In the long-term context of things this is still horrific.

If we don’t fix things and get back to somewhat normal economic levels soon, things will get even worse.

As I’ve said in some past articles… I don’t know what all the answers are to this problem. But we need to figure it out. Soon.

Protect yourself and your investments by reading our article – 3 Stocks That Will Earn You High Returns In The Coming Depression.

Regards,

Editor
Team Bear Market

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