Worse Than the Great Depression: US Unemployment Projected to Hit 32%

Federal Reserve Bank of St. Louis estimates one-third of Americans will soon be jobless

A short and succinct article published by the Federal Reserve Bank of St. Louis predicts that the unemployment rate will reach 32%, making the current economic crisis basically the most destructive force in modern American history.

The highest rate of US unemployment was 24.9% in 1933, during the Great Depression.

The US has already seen nearly 10 million unemployment claims since #StayAtHome suicide began last month. 

As the article states, what we are witnessing is a “unique shock that is unlike any other experienced by the US economy in the last 100 years.”

Civilian labor force in February 2020 = 164.5 million (BLS via FRED)

Unemployment rate in February 2020 = 3.5% (BLS via FRED)

Unemployed persons in February 2020 = 5.76 million (#1 * #2)

Workers in occupations with high risk of layoff = 66.8 million (Gascon blog post)

Workers in high contact-intensive occupations = 27.3 million (Famiglietti/Leibovici/Santacreu blog post)

Estimated layoffs in second quarter 2020 = 47.05 million (Average of #4 and #5)

Unemployed persons in second quarter 2020 = 52.81 million (#3 + #6)

Unemployment rate in second quarter 2020 = 32.1% (#7 / #1)

Source: Federal Reserve Bank of St. Louis

 

5 Comments
  1. Emmet Sweeney says

    All on course to achieve the oligarchy’s goal: namely,the destruction of the economy and the removal of Trump from the White House.

    1. Mary E says

      …or it could be that this is a failed attempt by the Eugenisists! Better luck next time? Scary,but the population of the world does have to come down in order for people and the environment of Mother Earth to really survive! Running a global pandemic is the most criminal way to do it…have any of them heard of forced birth contro? It worked once in China…l

      1. XRGRSF says

        Don’t feed the third world, and they will revert to the stone age, and starve down to their sustainable population.

  2. Savely says

    Is that a news website or Twitter??? WTF is it?!

  3. Cushite says

    COVID-19 real name is the US Petrodollar Collapse.

    Demise of the Petrodollar and the End of American Power

    Nov 25, 2014

    The Colder War by Marin Katusa

    Marin Katusa’s blockbuster New York Times best-selling book, “The Colder War: How the Global Energy Trade Slipped from America’s Grasp.”

    https://www.youtube.com/watch?v=zi_k29_syeQ

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