The official unemployment rate is now at 15 percent.
CNBC:
The impact of the coronavirus-induced economic shutdown tore through the U.S. labor market in April at historic levels, slashing 20.5 million workers from nonfarm payrolls and sending the unemployment rate skyrocketing to 14.7%, the Labor Department reported Friday.
Both numbers easily smashed post-World War II era records and help reflect the profound damage done through efforts used to combat the virus.
Economists surveyed by Dow Jones had been expecting payrolls to shed 21.5 million and the unemployment rate to go to 16%. April’s unemployment rate topped the post-war record 10.8% but was short of the Great Depression high estimated at 24.9%. The financial crisis peak was 10% in October 2009.
It’s important to note that the official unemployment rate doesn’t truly capture the actual number of real job losses. Suffice to say, it is much worse than 15 percent and we are nowhere near the end of this carnage.
We are heading towards unemployment numbers that will likely be between 30 percent and 50 percent.
What’s really insane is how many people are still in denial about the reality of the situation. They’re cowering in fear over the flu, complaining about dead niggers or commenting on trivial matters involving celebrities.
This is the calm before the storm.
For now, people are getting by with a combination of unemployment checks, racking up credit card debt etc.. but this won’t last forever. We are already seeing issues with the food supply and all sorts of other major systemic problems.
I believe we’ll be seeing mass riots and civil disorder throughout the country within the next few months. And that’s especially true if these lunatic lockdown orders continue. But even if all the lockdown orders were lifted today, the damage has already been done. There is no escaping the hell we are about to enter.
