US unemployment surges to Depression-era level of 14.7 per cent amid COVID-19 pandemic

The coronavirus crisis has sent U.S. unemployment surging to 14.7%, a level last seen when the country was in the throes of the Depression and President Franklin D. Roosevelt was assuring Americans that the only thing to fear was fear itself. And because of government errors and the particular way the Labor Department measures the job market, the true picture is even worse. By some calculations, the unemployment rate stands at 23.6%, not far from the Depression peak of nearly 25%.

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