Yes, this was the level of unemployment in mid-April, and there have been SIXTEEN MILLION new jobless claims since then, which implies that the next unemployment report will show U-3 unemployment at something north of 25%.

It should be noted though, that my estimate was off by 1.1%, so you should have taken the under.

The good folks at Calculated Risk have the rundown:

•	U-3 (normal) Unemployment	14.8%.
•	U-6 Unemployment (Total unemployed + discouraged workers, + involuntary part time)	22.8%
•	Year over year workforce change	-19.42M
•	Monthly workforce change	-20.5M
•	Labor force participation in April	60.2%
		Down 2.5%
•	Employment-population ratio in April	51.3%
		Down 8.7%

This is Russian “Market Liberalization” under Yeltsin bad, which makes it a catastrophe.