"The unemployment rate would have jumped even higher had not 6.4 million individuals left the labor force," Bryson said.
Considering these factors, Chicago Fed economists Jason Faberman and Aastha Rajan said in a blog earlier this week that the official data for April could vastly understate job destruction from the pandemic.
"To count as unemployed, one must be out of work and either on temporary layoff or actively looking and available for new work. This leaves out many people who want to work but did not look for work in the period covered by the data, as well as people who may remain employed but at substantially reduced hours," they argued.
The Chicago Fed economists estimated a 'U-Cov' rate in April of somewhere between 25.1 percent and 34.6 percent.
CAN REOPENING SAVE JOBS?
As the U.S. economy witnesses its biggest slump since the global financial crisis, with 33 million jobless claims filed within seven weeks, the potential economic recovery following the reopening could be welcoming news for many.
According to a recent projection from the Wharton School of the University of Pennsylvania, partially reopening would increase GDP on June 30 by 1 percent year-on-year, to a 10.7 percent contraction. About 4.4 million jobs would be saved, though 14 million jobs will still be lost between May 1 and June 30.
White House economic advisor Kevin Hassett recently said that every U.S. state will mostly reopen by the end of May, and most forecasters predict an economic rebound in the second half of the year.
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