BREAKING: 20.5 million jobs lost in April; unemployment rate 14.7%
The U.S. economy shed a record 20.5 million payrolls in April, and the unemployment rate jumped to 14.7%, as the coronavirus pandemic forced businesses across the country to temporarily shut down and lay off or furlough workers.
Estimates for April’s change in non-farm payrolls and unemployment rate each spanned a wide range, as economists grappled with gauging the damage as businesses across the country laid off and furloughed workers at a historic rate. This followed March’s revised payrolls decline of 870,000, which captured just the very start of the nationwide lockdowns and business closures, since the Labor Department uses the week of the 12th for its reference period.
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