Unemployment expected to reach 20% in US

4th June 2020 (Last Updated June 4th, 2020 07:23)

4 June

The US has witnessed unprecedented rates of unemployment due to the Covid-19 pandemic.

The unemployment rate in the US is expected to touch 20%, similar to the rates during the Great Depression.

Experts, however, note that the unemployment rate may be reaching its peak before declining in the second half of the year.

Paul Krugman, Nobel laureate and author, shared the latest unemployment statistics from Eurostat, which estimates that the unemployment rate in the Euro zone was 7.3% in April 2020 and in the EU it was 6.6%.

Krugman noted the unemployment rate in the US is unique being very high compared to other regions at 14.7% in April 2020, according to Bureau of Labour Statistics.

Read more