Unemployment Fell in July -- but the Jobless Rate Is Still Dangerously High
COVID-19 sparked an unemployment crisis that the U.S. has been grappling with since March, and will most likely continue to struggle with through the end of the year. In April, the jobless rate hit a record high of 14.7%, and while May and June's numbers were lower (13.3% and 11.1%, respectively), they were still considerably higher than they were prior to the pandemic (in February, the unemployment rate was just 3.5%).
Meanwhile, the U.S. Bureau of Labor Statistics just released July's unemployment numbers, and they're a bit more encouraging: The unemployment rate in July fell to 10.2%.
But let's be clear: Double-digit unemployment is still very bad news, and if lawmakers don't find a way to come to terms on a relief package to help the jobless, the recession our economy is currently stuck in could get a lot worse.
Source Fool.com
