US Bureau of Labor Stats: Unemployment Soars To 14.7% in April

The US Bureau of Labor Statistics put out its much anticipated labor statistics this morning, reporting an overall drop in employment of 20.5 million, with the unemployment rate soaring to 14.7%, the highest figures ever recorded by the survey. Unsurprisingly, the hardest hit sectors included leisure and hospitality.

Over the month of April total unemployment within the US increased by 10.3 percentage points to that of 14.7%, with rates among specific demographics varying. The least hit demographic was that of adult men at 13.0%, compared to teenagers at 31.9%. Of those that were reported as being unemployed, 18.1 million classified it as being “temporary” when surveyed, while permanent job losers came in at 2.0 million.

In terms of labor force participation, the rate decreased by 2.5% over the month to 60.2%, which is the second lowest figure during the history of the series, behind only January 1973. Total employment during the month fell by 22.4 million to that of 133.4 million people. The employment to population ratio fell by 8.7%, the largest drop ever recorded, to that of 51.3%.

Despite the largest drop in employment and the highest unemployment rate ever recorded, the broader market is currently rallying on the news. The rally is largely due to conensus estimates of unemployment figures being in the neighborhood of 15% to 16%.


Information for this briefing was found via the Department of Labor, Yahoo Finance, NBC Today, and The Washington Times. The author has no securities or affiliations with any of the mentioned securities. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

One Response

Video Articles

Tudor Gold x American Creek: Consolidating A Massive Gold Project

Aura Minerals: The Era Dorada Underground PEA

Gold Is Now Smart Money’s End Game | Doug Casey

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Kashkari: Real Unemployment Likely 23% Or 24%

This morning on NBC Today, Minneapolis Federal Reserve President Neel Kashkari indicated that the jobs...

Thursday, May 7, 2020, 10:03:00 AM

Windsor, Oshawa Lead Spike in Joblessness as National Rate Hits Nine-Year Peak

Canada’s seasonally adjusted unemployment rate rose to 7.0% in May 2025, marking the highest level...

Saturday, June 7, 2025, 09:32:00 AM

Canada’s Labor Market Suffers First Decline Since April

As a number of public health restrictions were tightened across Canada heading into the winter...

Friday, January 8, 2021, 02:45:00 PM

US Economy Adds 850K Jobs as Hiring Spree Accelerates

Following what were 10 straight months of subdued payroll figures, the Bureau of Labour Statistics...

Sunday, July 4, 2021, 03:17:00 PM

Trump’s Economic Advisor Makes Grim Prediction Regarding Q2 GDP and Unemployment Rate

Kevin Hassett, who is the White House economic advisor, is anticipating very grim GDP and...

Tuesday, April 28, 2020, 03:00:00 PM