Lost Labor

Over the last four weeks, 22 million jobs have been lost, 13.3% of the labor force. Add the initial unemployment rate of 3.5%, and the unemployment rate is 16.8%. By the end of the month, it will be meaningfully higher. However, many of those not working will not be considered technically unemployed as they will not be actively seeking work, pushing the officially reported unemployment rate down, possibly quite considerably.

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