The True Rate of Unemployment is 24.2% according to the Ludwig Institute

NEW: The True Rate of Unemployment is 24.2% according to the Ludwig Institute 😮

Based on data from the BLS, it measures the percentage of the 🇺🇸 US labor force lacking full-time employment (35+ hours a week), seeking work, or earning below $25,000 annually before taxes. pic.twitter.com/GzwcKfnxYC

— Bitcoin News (@BitcoinNewsCom) April 28, 2024

From a previous Forbes article, going back 4 years, quote:

“It is estimated that unemployment hit 24.9% during the Great Depression.”

April’s employment report set records for all the wrong reasons. The unemployment rate increased from 4.4% to 14.7%, the largest one month increase in history and the highest rate in the history of official government data (started in 1948). It is estimated that unemployment hit 24.9% during the Great Depression.

Employment dropped by 20.5 million, more than 10 times the previous largest monthly decrease of 1.96 million experienced in September 1945 after World War II ended. At that point in time this was about 3.3% of the workforce.

https://www.forbes.com/sites/chuckjones/2020/05/19/3-reasons-unemployment-is-already-at-great-depression-levels/?sh=55d248f413f1

AC