US unemployment surges to a Depression-era level of 14.7%
Last updated 5/8/2020 at 12:37pm
AP Economics Writer
WASHINGTON (AP) — The coronavirus crisis has sent the U.S. unemployment rate surging to 14.7%, a level last seen when the country was in the throes of the Depression and President Franklin D. Roosevelt was assuring Americans that the only thing to fear was fear itself.
And because of government errors and the particular way the Labor Department measures the job market, the true picture is even worse. By some calculations, unemployment stands at 23.6%, not far from the Depression peak of nearly 25%.
The Labor Department said Friday that 20.5 million...