20.5 Million Jobs Lost

The jobs report is out and it’s a rough one. A total of 20.5 million jobs were lost last month. The unemployment rate rose to 14.7%.

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.

Posted by on May 8th, 2020 at 11:03 am


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