Both numbers easily smashed post-World War II era records and help reflect the profound damage done through efforts used to combat the virus.
The impact of the coronavirus-induced economic shutdown tore through the U. S. labor market in April at historic levels, slashing 20.5 million workers from nonfarm payrolls and sending the unemployment rate skyrocketing to 14.7%, the Labor Department reported Friday.
Both numbers easily smashed post-World War II era records and help reflect the profound damage done through efforts used to combat the virus.
Economists surveyed by Dow Jones had been expecting payrolls to shed 21.5 million and the unemployment rate to go to 16%. April’s unemployment rate topped the post-war record 10.8% but was short of the Great Depression high estimated at 24.9%. The financial crisis peak was 10% in October 2009.
A more encompassing measure that includes those not looking for work as well as those holding part-time jobs for economic reasons also hit an all-time high of 22.
