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Latest jobs report shows 20.5M Americans lost their jobs in April

The Michigan Unemployment Insurance Agency has developed a schedule for laid off workers to file for benefits. (MGN)
The Michigan Unemployment Insurance Agency has developed a schedule for laid off workers to file for benefits. (MGN)(WJRT)
Published: May. 8, 2020 at 4:20 PM EDT
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20.5 million Americans lost their jobs in April, according to the latest Bureau of Labor Statistics job report.

That is the largest decline since the government began tracking these data in 1939.

The unemployment rate has reached 14.7 percent, but Virginia Tech Finance Professor Derek Klock says the pandemic and inability to conduct in-person surveys complicated data collection.

Because of that, he says the report may be under-representing the actual situation.

“The survey actually came out with a technical note saying that if everything had been accurately reflected, the number would have been about five percentage points higher so instead of a 14.7 number, we’re looking at basically a 20 number," said Klock.

The unemployment rate is estimated to have peaked at 24.9 percent during the great depression.

We are currently seeing the worst unemployment rate since then.

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