Coronavirus: Pandemic sends US jobless rate to 14.7%

Coronavirus: Pandemic sends US jobless rate to 14.7%

The US unemployment rate reached 14.7% according to the US Department of Labor. 20.5 million jobs were lost in the month of April, bringing the total from 3.5% in February. The shock to go from the lowest unemployment number in 50 years to the worst in 75 years is telling of the extremes the economy endures during the pandemic. “It is historically unprecedented,” BBC reports the economist Erica Groshen, former head of the government’s Bureau of Labor Statistics, who now teaches at Cornell University to have said. “We have put our economy into a medically induced coma in order to heal it from the pandemic… and that has led to the most precipitous loss of jobs seen in any of the modern data.”  Deriveum is an instrument designed to create certainty and effective risk allocation in a sick economic environment.

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