The Jobs Report – April 2020

What you need to know…

1.  This report lays bare the unprecedented human tragedy of the COVID-19 pandemic
2.  While not the all-time high unemployment rate, it is the quickest rise on record, happening in one month only 
3.  Unfortunately, because of a BLS misclassification of certain unemployed persons, the actual unemployment rate is closer to 19%
4.  Leisure and Hospitality was the hardest hit industry
5.  The spike in wages to 4.7% simply reflects the disproportionate job losses in lower paid industries
6. On a very positive note, approximately 18 million of those 22.5 million job losses in the household survey were qualified as “on temporary layoff” 

Below is a link to the full statistical summary provided by the Bureau of Labor Statistics:*

http://www.bls.gov/news.release/empsit.b.htm

*The information contained herein has been prepared from sources believed to be reliable but is not guaranteed and is not a complete summary or statement of all available data nor is it considered an offer to buy or sell any securities referred to herein. Links included herein are to unaffiliated third party sites. The Firm cannot verify or guarantee the accuracy of any information presented therein. By clicking on these links, the reader understands and acknowledges they are leaving Ziegler Capital Management’s web page.