US unemployment rate updated high since 1940

Unemployment in the United States in April updated the record since 1940 and jumped to 14.7% from March 4.4%, while the number of jobs in non-agricultural sectors of the economy fell by a record 20.5 million, according to the country’s Ministry of Labor.

Analysts polled by Reuters expected unemployment at 16% and a decrease in jobs by 22 million. The decrease in the number of jobs in March was revised to 870 thousand from 701 thousand.

“In April, the unemployment rate rose by 10.3 percentage points, to 14.7%. This is the highest rate and the largest increase in the entire history of monthly data (seasonal data has been available since January 1948),” report.

The US Department of Labor has published monthly statistics on unemployment in the country only since 1948. Prior to this, the agency published only annual data.

According to them, in 1933, during the Great Depression, US unemployment reached an absolute maximum of 24.9%. If you look at the monthly data of the US Department of Labor since 1948, then the maximum unemployment rate in the country was noted in November and December 1982 at around 10.8%.

At the same time, the National Bureau of Economic Research (NBER) has published monthly statistics since 1929, and according to its data, unemployment in the USA was at 14-15% in May-July 1940, and in May 1933 it was 25.6 %

The Ministry of Labor has published monthly statistics on the number of jobs in non-agricultural sectors of the economy since 1939, and the previous decline record was set in September 1945, then a drop of 1.959 million was recorded.

The ministry also said that the hourly wage in the country in April grew by 7.9% in annual terms and amounted to $ 30.01. In monthly terms, it increased by 1.34 dollars.