The U.S. Department of Labor has released its April 2020 jobs report. With much of the country facing another month in quarantine, the economy continues to struggle. The unemployment rate skyrocketed to a staggering 14.7% and 20.5 million jobs were subsequently lost. This is the worst jobs report since the government started tracking the data in 1939 according to a CNN report.
"[These statistics] easily smashed post-World War II era records and help reflect the profound damage done through efforts used to combat the virus...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," according to CNBC. The numbers paint a bleak picture of the future but economists hope that with the safe and slow reopening of the U.S., these numbers will hopefully start to rise.
For more details on the state of employment today, check out our infographic below: