By: Greg Iacurci
Source: CNBC
Date of Publication: July 21st, 2020
The unemployment rate in New York rose to 20.4% in June, even as the broader country’s improved. Los Angeles had a 19.5% jobless rate. The unemployment rate is a measure of financial hardship for American families. There is no official definition of an economic “depression.” An unemployment rate near or above 20% is one good indicator, according to some economists.