Unemployment in the USA peaked since the Great Depression :: Economy :: RBC

According to The Washington Post, the US hospitality sector lost about 7.7 million jobs, retail – 2.1 million, production – 1.3 million. In addition, jobs in the health care system fell by about 1.4 million, so as in a crisis, people postpone requests for medical care, except urgent.

About 18 million people who lost their jobs in April reported that their dismissal was temporary, as companies expected the suspension of the economy to be short-lived. Another 2 million claimed that they had finally lost their last job.

US predicts unemployment rate of Great Depression after pandemic

Nevertheless, the unemployment rate recorded in April was not as dramatic as previously predicted. In the middle of the month, The Wall Street Journal wrote that the expected losses would amount to 22 million jobs and the unemployment rate would reach 18%.

During the Great Depression in the USA, the maximum unemployment rate was recorded in 1932 and amounted to 25.5%.

At the end of April, the presidential adviser on economics Kevin Hasset warned that after the coronavirus pandemic is over, unemployment in the country could come close to the times of the Great Depression. He called the current crisis the largest in the US economy.

In order to protect the interests of Americans losing their jobs because of the coronavirus, Trump signed a decree on the suspension of immigration. According to him, this will guarantee that unemployed citizens of the country will be the first in the queue to get work.

World Coronavirus Spread Rate

Cases per day

Source: JHU

World Data i


Bruno Le Maire is also on LinkedIn

If politicians have long expressed interest in debates on Facebook, Bruno Le Maire has decided to inaugurate a new communication channel.

→ LIVE. Coronavirus: the latest news in France and worldwide on May 4

Barely finished an intervention on the radio in the morning, it was on the LinkedIn site, the social network devoted to the professional world, that the Minister of the Economy worked on Monday May 4 to respond to the calls of the actors of the economic world.

Worried little bosses

Before the opening of the video session, questions already abounded from restaurant owners, gyms or training centers, managers of clothing stores or vacation centers, freelancers or creators of companies. Most of the questions focused on the difficulties specific to their sector or their company, but nevertheless revealed recurring concerns.

The question of rents, in particular, has often returned to the merchant side. The minister recalled the agreement obtained from the major land groups to cancel three months’ rent for the smallest businesses. But Bruno Le Maire recognizes this, this will only affect 10 to 15% of these smaller companies.

The others are therefore invited to enter into negotiations with their owner. ” It is right that the rent should go down and it is in everyone’s interest to avoid the proliferation of bankruptcies Says the Minister.

“Economy on a drip”

Another subject that often comes up is the upcoming reduction in the partial unemployment system, which already worries many employers. ” We cannot live sustainably with an economy on a drip, financed by public funds “Replied the Minister, deeming it therefore necessary” to progressively evolve, I mean progressively, the system To encourage people to return to work. The priority, he explained, is ” to keep public money for sectors that have no other choice »And will remain permanently impacted, like catering or tourism.

Faced with business leaders who demand visibility, Bruno Le Maire assured that a possible postponement of the deconfinement would not concern the resumption of economic activities. He also once again promised that the government would announce the ” date and protocols For the reopening of cafes or leisure establishments.

The challenge of recovery

While several employees of the company Corsair had met on the site to question the minister on the assistance given to Air France, the latter replied that the state could obviously help other airlines. With one condition, however: ” that shareholders also do their part of the way

→ EXPLANATION. France and the Netherlands at the head of the Air France-KLM flagship

Bruno Le Maire also warned that once the deconfinement had passed, the hardest thing would probably begin. The period before the return to normal will be long and marked by two risks, he pointed out: a problem of solvency of companies which can lead to an increase in bankruptcies, and a possible acceleration of layoffs as long as activity remains slowed down .

This transition period is likely to last for months and probably years. It looks like ” a challenge “, Noted Bruno Le Maire because for the first time” we will have to work with a virus that continues to circulate and for which we do not have a vaccine


Renzi, last appeal to Conte: ‘No of Iv if he is a populist’ – Politics

“Last appeal” of Renzi to Conte in the Senate. “Let’s face it: we are at a crossroads. He was good at reassuring the Italians, he was very good. The point, however, is that in phase 2 of politics it is not enough to play on fear and concern. There is a reconstruction to do which is devastating and will require vision and courageous choices. Give an extra eye to Istat’s data or we will not be by your side. If you choose the path of populism you will not have Italy alive by your side. Our country – continues Renzi – has had moments when politics abdicated its responsibilities, in 92-93 abdicated the judiciary, in the first decade of 2000 when it abdicated technicians, now we cannot abdicate virologists, we cannot ask them how to fight unemployment, touch to politics. There is a new deeper division between guaranteed and unsecured. We call you to have a broader look at the economic future. We will vote on the liquidity decree prepared by Gualtieri but the world v forward and in front of this now is the time to act: to prevent, not to chase. Be more cautious when speaking to Italians: you said 11 times ‘we allow’. A prime minister doesn’t allow it, because constitutional freedoms come before you. She doesn’t allow them, she recognizes them. I denied Salvini full powers: I didn’t do it to give it to others. Coronavirus is a terrible beast that has made 30 thousand deaths in the most cowardly way but we are not on the Coronavirus side when we say to reopen, we honor those dead. The people of Bergamo and Brescia who are no longer there, if they could speak, would tell us to reopen. “

“Which ultimatum? Conte replies – Renzi asked to do politics? It is what we are doing, so there is no ultimatum”. So does the majority still exist? He is asked. “Yes,” replies the Prime Minister.