Thursday, February 11, 2021

Current Unemployment Data

The official unemployment rate hit 14.7% in April, its highest since the Great Depression, when it exceeded 25%.

The actual figure today may be closer to, or even above, 20%. (June 2020)

Unemployment today vs. the Great Depression: How do the eras compare? (cnbc.com)

The current U.S. unemployment rate is 6.7% for January 2021, the Bureau of Labor Statistics (BLS) said in its monthly report on Friday. (Feb. 5, 2021)

Here are the highs and lows of unemployment rates in all 50 states with the years listed.

Current Unemployment Rates for States and Historical Highs/Lows (bls.gov)

In 2020 Nevada had 30% unemployment, Michigan 24%, Hawaii 23.8%, Indiana 17.4%, Illinois 17.2%, and California 16.4%. Technically, Nevada, Hawaii, and Michigan were in a great depression in 2020 with Indiana, Illinois, and California in close following.

We have a labor force of 164.6 million Americans. (February 2020)

Marketplace reported 30 million Americans on unemployment benefits in August 2020. If you do the percentage, the national unemployment rate then was 18.22%.

Forbes reported 18.4 million Americans on unemployment benefits in January 2021. If you do the numbers, the actual national unemployment rate is 11.17%, not the BLS reported rate of 6.7%  - massaging the numbers to make things appear better than they really are.

1 comment:

  1. I am fortunate to be working still , I guess I will be seeing a tax increase on my paycheck to cover those not working. However take note at 72 I retire, no more taxes for me.

    ReplyDelete