The United States had the best economy in world history prior to the coronavirus-related business shutdowns. From January 2020 and February 2020:
https://bongino.com/trump-boom-u-s-adds-225k-jobs-in-january-far-surpassing-wall-st-estimates/
The U.S. added 225,000 jobs in the month of January, far surpassing estimates from Wall Street, according to new numbers from the U.S. Labor Department.
Economists were predicting a nonfarm payroll growth of 158,000 and for the jobless rate to stay it’s record low of 3.5 percent.
Unemployment rate went up to 3.6 percent.
The employment-to-population ratio in the household rose to its highest level since November of 2008, to 61.2 percent.
Average hourly earnings also .2 percent month over month and rose 3.1 percent since last year to $28.44. “That marked 18 consecutive months of wage gains above 3%.
The unemployment rate for African-Americans, Hispanic Americans and Asian-Americans has reached the lowest levels in history. African-American youth unemployment has reached an all-time low. African-American poverty has declined to the lowest rate ever recorded.
The unemployment rate for women reached the lowest level in almost 70 years. And, last year, women filled 72 percent of all new jobs added.
https://bongino.com/february-jobs-boom-economy-adds-273000-jobs-unemployment-at-3-4-percent
and
From February 2020: The Labor Department’s closely watched monthly employment report on Friday also showed solid wage growth and the unemployment rate falling back to near a 50-year low of 3.5%. Employers also increased hours for workers last month.
Now that Governors have shut down businesses, disaster has struck:
More than 2.98 million Americans filed for unemployment last week for the week ending May 9, as the shutdowns caused by the coronavirus outbreak continued to deepen the worst economic catastrophe since the Great Depression.
This pushes the two-month total of losses since states adopted strict stay-at-home measures to more than 36 million.
Unemployment for women spiked to 16.2 percent from 3.4 percent as recently in February, while men saw their jobless rate surge to 13.5 percent from 3.6 percent in February. In a one-month span, women lost roughly 1.5 million more jobs than their male counterparts.
There were also disparities in unemployment rates between races: The rate was 14.2 percent for white workers; 16.7 percent for black workers; 18.9 percent for Latino workers; and 14.5 percent of Asian Americans – record rates for all groups, except African Americans.
The concern now MUST BE:
Will the Governors wait too long to re-open the economy?
Will too much damage already have been done?