SMLL - Worse To Come: Staggering 14.7% Unemployment Rate Will Cripple Economy For Years
New York (May 8) - The April jobs report printed down 20,500,000 fewer jobs, the worst most living Americans can recollect, although somewhat better than anticipated. Revisions for February (-45,000) and March (-169,000) netted an additional 214,000 fewer jobs.
The print eviscerated the average jobs print in the three month and six-month average categories. It is probably worse than the print because so many states' unemployment registration systems crashed.
The seasonally adjusted unemployment rate ticked up 90 bps, to 14.7%, down a further 10.3 percentage points from March. It is 11.1 percentage points worse than