April Unemployment Report Shows Largest One-Month Job Wipeout on Record
Dan Celia: History is Made
May 8, 2020
PHILADELPHIA—Like many analysts around the country, nationally syndicated host and biblical investing authority Dan Celia is looking at today’s unemployment report for the month of April—but from a different perspective.
According to today’s report, the global coronavirus pandemic caused the largest one-month blow to the U.S. labor market on record. On Monday, economists surveyed by The Wall Street Journal forecast that employers would shed 22 million nonfarm payroll jobs—“the equivalent of eliminating every job created in the past decade.”
“We had a stunning, history making unemployment number today and the pre-market open was much higher just 30 seconds before the numbers came out,” Celia said. “The number hit 20.5 million people unemployed in this month, making the unemployment rate 14.7%. I believe it’s even higher than that and certainly will be by the end of this month. The biggest drop, as one would expect was in our leisure and travel industries, which was down about 47% and construction jobs were down by 1 million. Interestingly, the hourly wage went up $1.34 as people are getting paid more for the risk that they are under and also the hours worked moved up. The healthcare sector alone would probably create more than three-quarters of that number.
“So again, hourly earnings are up 4.7% for the month of April,” he continued. “This is a history making number we are unlikely, hopefully, ever to see again, and I would expect at this point that the month of May is going to be not quite as bad but still another large number. The biggest problem companies are facing now is that if they do reopen and their employees come off unemployment and go back to work, there is a big concern that this pandemic will recycle again and people may rather stay on unemployment than risk having to come back on. The only scenario that will change this cycle is the availability of testing and consistent access to treatment. The fear of someone working next to others that are sick will keep many from going back to work. Unfortunately, once again history is being made.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
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