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Report: Estimated 30 Million Jobs Lost, 'Depression-Like' Unemployment 18-20%

By Michael W. Chapman | April 30, 2020 | 2:07pm EDT
(Getty Images)
(Getty Images)

Over the last six weeks there have been 30.2 million jobless claims in the United States and unemployment is expected to hit between 18% and 20%, which is a "Depression-like" number, according to a report on the Fox Business Network (FBN).

On FBN's Mornings with Maria, April 30, reporter Cheryl Casone said, “Initial jobless claims for last week coming at 3.84 million. ... We are now pushing, Maria, about 30 million claims in the last six weeks, for initial jobless claims. It’s a stunning number, it really is, and you can see the market reaction on your screen, Maria."

“These numbers are obviously ugly numbers, these are terrible numbers," said Bartiromo. "But at the same time I’m wondering if we’re seeing  a little leveling out."

Asked for comment, reporter Dagen McDowell said, “In six weeks, 30.2 million Americans have filed for unemployment benefits. That would take the unemployment rate as a percentage of the work force, north of 18% -- 18.4%."

"But I reiterate this every week," she said. "These are individuals whose lives have been upended overnight. It is their livelihoods, it is their families just shaken by all this."

(Getty Images)
(Getty Images)

"... All those small businesses, if they don’t get help, they’re going to end up having to lay off their employees," said McDowell. "If they don’t get that Payment Protection loans, those grants, you’re going to see layoffs in the weeks to come. But thankfully, some of these states are reopening, and if people can start working again, safely, that’s a blessing."

Ed Yardeni, a global investment strategist and the president of Yardeni Research, then commented, “When you shut down the economy like we have, you’re going to get these unemployment numbers. There’s about 30 million people that are employed in these industries that have been most affected. I’m talking about airlines, retailers, casinos, hotels...."

(Screenshot, History.com)
(Screenshot, History.com)

"18% to 20% unemployment is Depression-like numbers," added Yardeni.

During the Great Depression, the national unemployment rate peaked at 24.75% (of the labor force) in 1933. The U.S. population then was 92,950,000.  The unemployment rate stayed in the high teens from 1935 to 1940. American did not move out of the Depression until World War II, in 1941. 

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