New Gallup Panel survey data from April 13-19 show that 33% of adults in the U.S. labor force have been laid off or have seen reduced hours because of COVID-19.
That amounts to an estimated 54 million U.S. workers.These data suggest that the May 8 U.S. Bureau of Labor Statistics (BLS) report will show an unemployment rate ranging from as low as 7.5% to as high as 14.6%, depending on how successfully the BLS is able to classify furloughed workers as unemployed, given the unusual circumstances of the pandemic.
Only 7.5% of respondents who would be considered part of the labor force, using conventional definitions, report being unemployed and not looking for work, but a large number of workers also report that they have been temporarily laid