‘Real’ Unemployment Higher Than Official Rate

Last week the unemployment rate hit 14.7 percent after payrolls fell by 20.5 million, according to the U.S. Department of Labor but that was only part of the story.

Prior to the 33.5 million unemployed since the beginning of the COVID-19 pandemic, there were 7.1 million people unemployed, reportedly making the “real” unemployment rate 24.9 percent.

Fortune says this figure is just under Great Depression’s peak rate of 25.6 percent.

It is now estimated that there are more than 40 million people unemployed.