The April jobs report pegged the US unemployment rate at 14.7%, a cataclysmically bad figure* .. and one that will almost certain be even worse for May.
*The only figure on record that’s worse, was the 25% unemployment recorded during the Great Depression in 1933.
One can argue that some – most, hopefully? – of these jobs will come back in a few months, but absolutely not all of them. There is a small business die-out in progress in the United States. Stores, restaurants, bars and entertainment businesses are taking a severe hit.