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Jobless rate spikes to 14.7%, highest since Great Depression

Credit: iStock/courtneyk

WASHINGTON (AP) — The U.S. unemployment rate hit 14.7% in April, the highest rate since the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record. The figures are stark evidence of the damage the coronavirus has done to a now-shattered economy.

The losses reflect what has become a severe recession caused by sudden business shutdowns in nearly every industry. Almost all the job growth achieved during the 11-year recovery from the Great Recession has now been lost in one month.

The collapse of the job market has occurred with stunning speed. As recently as February, the unemployment rate was a five-decade low of 3.5%, and employers had added jobs for a record 113 months. In March, the unemployment rate was just 4.4%

The government’s report Friday noted that many people who lost jobs in April but didn’t look for another one weren’t even counted in the unemployment rate. The impact of those losses was reflected in the drop in the proportion of working-age Americans who have jobs: Just 51.3%, the lowest on record.

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Lawrence 22 days ago
This is more proof a realistic and effective national plan should have been implemented early on to halt spread, and track contacts of those infected. Instead, we got nothing but Trump denials, accusations, and lies that contributed to the problem and caused more deaths. The present course has the country racing to declare victory before the first battle has finished. And all because Trump is frightened to death of taking responsibility and facing defeat in November.
Rommel Lawrence 22 days ago
Would of,should of,could of......history is full of this. Dementia Joe will be defeated because he has no plan for the economy and is more concerned with picking a minority VP.
Lawrence Rommel 22 days ago
Beat by Impeached-Pervert-Trump? Raper of 13 y/o girls? Stooge for Putin? That Trump? Doubt it. Steal the election-maybe. Win it? No chance.
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