BUSINESS REPORT

Unemployment hasn’t been this high since the Great Depression

BY Rhonda Schaffler, Correspondent |

We are now living in the worst economy most of us have seen in our lifetimes. The United States government says in April, the unemployment rate spiked to 14.7% with 20.5 million jobs lost. That’s the highest percentage of unemployed Americans since the Great Depression, when the unemployment rate was 25%.

Gov. Phil Murphy has formed a new Restart and Recovery Advisory Council to explore tactics for reopening the economy. The council brings together leaders from all of the state’s
major industries — everything from Main Street businesses to manufacturers to social services and faith organizations, and everything in between.

More than 40 investors have now applied for the New Jersey Economic Development Authority’s new Entrepreneurship Support Program, in which they pledge more financial support to the entrepreneurs they backed before COVID-19 hit.