- The US Bureau of Labor Statistics on Friday said the US unemployment rate spiked to 14.7% in April as the coronavirus forced a widespread US economic shutdown. That’s the highest level since the Great Depression and about 25 times the worst monthly decline seen during the 2007-2009 recession.
- Payrolls dropped by an unprecedented 20.5 million. By comparison, the steepest monthly loss on record was 1.96 million jobs in 1945.
- Just two months ago, the unemployment rate was 3.5%, a roughly 50-year low.
- According to Glassdoor data, In the seven weeks since massive coronavirus-induced layoffs began, more than 33 million Americans have filed for unemployment insurance, and about 25% of all job postings have evaporated.
- As the country slowly reopens, the economy is not expected to simply bounce back. Many customers remain hesitant about returning to restaurants and bars, watching movies, or attending sporting events.
- Many economist believe the job outlook for May will be worse before beginning to improve in June.