The coronavirus has put the unemployment rate in the United States at 14.7% of the workforce. It is its highest level since the current statistical series began 72 years ago and a level that represents more than quadrupling the 3.5% unemployment rate in February, before the pandemic hit. The only possible comparison is the Great Depression of the 1930s, when unemployment in the US reached 20% of the working population.

These are the official employment data, which have been published today, and which also reflect that in April, the world's largest economy lost 20.5 million jobs, a record number as well. In total, 33.5 million Americans applied for unemployment benefits. All in all, the market expected slightly higher job destruction, between 21 and 22 million, with an unemployment rate of 16%.

Job losses have been greatest in the hospitality industry, and have focused on Hispanics. They have also disproportionately affected the lower-income population. That has reached the point that the average remuneration of American employees has experienced the highest rise in history: 4.7% compared to the previous month and 7.9% compared to April 2019. This is not due to that they are paying more, but that those who have kept their work are the ones who receive the most, which pulls the statistics up.

US President Donald Trump, already declared that those numbers "are not a surprise", and has indicated that job creation "will return with force." The stock has completely ignored the news, and has in fact risen on the trade deal between the US and China.

Equities have barely fallen despite the collapse of the economy due to the extra liquidity measures of the Federal Reserve and the rise in the price of large internet groups, which have been favored by the increase in electronic commerce and other online services. In fact, the NASDAQ market, which is mostly signed by technology companies, is now higher than in January.

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