The April jobs report was released this past Friday. Was there any good news in it?
A staggering 20.5 million jobs were lost in April. The unemployment rate registered 14.7% but what is considered the real unemployment rate, which includes workers not looking for jobs and the underemployed surged to 22.8%. Sadly, this report did not capture it all. May’s job report will include those laid off after the reporting period ended for April’s report.
But could there have been some good news within the report? One encouraging note within a dismal report is that 78% of the workers laid off, say their layoff is temporary. If true, then that’s certainty good news as we start to reopen.
This is where I typically mention a data point for the week ahead. This week let’s talk about a data point for the months ahead. Let’s not focus on May’s jobs report because that will most likely be ugly as well. But beyond that, each jobs report becomes more and more important.
Do those 78% of laid off workers get their jobs back as they expect? How quickly does that unemployed and underemployed number come down? The answers to those questions will tell us the type of recovery we will have post Covid-19.
For a more detailed market report head on over to our Insights page. Where there are some of the key economic data points to be released this week. Also subscribe to our YouTube channel and check out some of our other social media pages.
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