It's time to do some serious praying, repenting and seeking the Lord. Actually, it's past time.
U.S. weekly jobless claims total 2.4 million - CNBC
That brings the total filings during the coronavirus pandemic to 38.6 million.
https://www.cnbc.com/2020/05/21/us-w...ss-claims.html
Notice that there is (at least at the time of this posting) no mention of the unemployment rate with 38.6 million people out of work, so I did a little figuring on my own.
According to the U.S. Bureau of Labor statistics ( http://www.dlt.ri.gov/lmi/laus/us/usadj.htm ), in the month of April, there were 159.481 million people in the workforce with 133.403 million of those employed and 23.078 million unemployed. So, according to their statistics, the unemployment rate was 14.7 percent.
However, using the new number for the number of unemployed people, which is 38.6 million and assuming the size of the workforce remained the same at 159.481 million (I could not find the number for May), the current unemployment rate would be 24.6 percent.
Now, to put all of this in perspective, according to the website The Balance ( https://www.thebalance.com/unemploym...y-year-3305506 ) the unemployment rate before the crash of 1929 was 3.2 percent. The peak unemployment rate during the Great Depression was 24.9 percent in 1933. It took over three years to go from 3.2 percent to 24.9 percent unemployment.
What about our present employment situation? Well, in February, the unemployment rate was 3.5 percent which is more or less the same rate as 1929. Now, three months later, the unemployment rate (using the numbers above) has shot up to 24.6 percent. This is essentially the same as it was at the peak of the depression. The difference is, we went from 3.5 percent unemployment to 24.6 percent in three months when it took three years to reach that level during the Great Depression.
This is the most rapid crash of the U.S. economy in history.