U.S. Jobless Rate Almost Certainly at Highest Since Great Depression, Says Report

The U.S. jobless rate is “almost certainly” higher than at any point in American history since the Great Depression, according to analysis from The New York Times. The newspaper crunched the numbers and came up with an estimate that the unemployment rate stands at around 13 percent, and is rising at a speed which has never been seen before. The Labor Department reported on Thursday that around nine million people had filed for unemployment insurance over the past two weeks. The Times added an estimated 1.5 million contractors, including many gig economy workers, who likely lost their jobs but don’t qualify for benefits. It’s also likely that some people have tried to claim benefits but aren’t yet counted officially because of processing delays, and the official figures are also a week behind the real number. In all, the newspaper calculates unemployment has risen by 10 million to 20 million during the pandemic, which means that the unemployment rate is likely between 10 percent and 15 percent.