By | Rachel Brooks
Staff | Telegraph Local
Above, CNBC broadcast shows life during the unemployement spike crisis of COVID-19 era America.
Nearly 40% of low-income workers lost their jobs in March, the first official month that the coronavirus lockdown became strict nationwide. This was reported by CNBC on May 14. CNBC states that the U.S. unemployment rate hit the 14.7% mark by April. This is the highest percentage rate of unemployment since the Great Depression. In the wake of this unemployment surge, households making less than $40,000 per year have been impacted hardest. Almost 40% of these households were laid off or furloughed by early April. CNBC cited the Federal Reserve as their source. Comparatively, only 13% of households with income above $100,000 reported an employment disruption.
CNBC reports that one in five Americans who were employed as of February were laid off by March. That or they were furloughed. CNBC cited a press release by the Federal Reserve as their source.
“Thirteen percent of adults, representing 20 percent of people who had been working in February, reported that they lost a job or were furloughed in March or the beginning of April 2020. Another 6 percent of all adults saw their hours reduced or took unpaid leave. Taken together, 19 percent of all adults reported either losing a job or experiencing a reduction in work hours in March. Despite these widespread employment losses, some people took on new or additional employment in March. Seven percent of adults reported that they increased their hours worked or worked overtime.
Many people who lost a job remained connected to their employer and expected to return to the same job eventually. Nine in 10 people who were furloughed or lost a job said that their employer indicated that they would return to their job at some point. In general, however, people were not told specifically when to expect to return to work. Seventy-seven percent said that their employer told them to expect to return, but did not give them a return date.
Consistent with the employment declines in March, many people experienced income declines. Twenty-three percent of all adults, and 70 percent of those who lost a job or had their hours reduced, said their income in March was lower than in February,” reads and excerpt from the Board of Governors of the Federal Reserve in an official press release statement that was released at 12:00pm EDT on May 14.
President Donald Trump has not commented as of May 15 via his Twitter on the rise in unemployment rates, despite the fact that much of his administration’s legacy has centered around reducing unemployment. Rather, he took a moment to focus on declaring new Federal funding for public transit services in New Jersey and Chicago, Illinois.
In the wake of such rising unemployment, the U.S. Labor Department has released publications for mental health self-care during the surmounting crisis.
“A mental health toolkit developed by @AskEARN – a resource of our Office of Disability Employment Policy – has tips and resources to help you better support workers under stress due to the #coronavirus: https://askearn.org/mentalhealth/,” wrote the U.S. Labor department in an official tweet posted on May 15 at 12:06 PM local time.