The latest figures from the Labor Department released showed the U.S. economy losing 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression
The Labor Department’s closely watched monthly employment report on Friday also showed the unemployment rate surging to 14.7% last month, shattering the post-World War Two record of 10.8% touched in November 1982. It underscored the depth of the recession caused by lockdowns imposed by states and local governments in mid-March to curb the spread of COVID-19, the respiratory illness caused by the virus.
Economists polled by Reuters had forecast the survey of establishments would show nonfarm payrolls diving by 22 million. Data for March was revised to show 870,000 jobs lost instead of 701,000 as previously reported. A record streak of job growth dating to October 2010 ended in March. Stocks on Wall Street were trading higher amid easing tensions between Washington and Beijing, and relief on the fewer-than-expected job losses. The dollar fell against a basket of currencies, while U.S. Treasury prices were mixed.The BLS said the response rate for the household survey, from which the unemployment rate is derived, continued to be “adversely affected by pandemic-related issues.”
FILE PHOTO: People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease , at an Arkansas Workforce Center in Fayetteville, Arkansas, U.S. April 6, 2020. REUTERS/Nick Oxford Companies like Walmart and Amazon are hiring workers to meet huge demand in online shopping. Truck drivers are also in demand, while supermarkets, pharmacies and courier companies need workers. Still, economists do not expect a quick rebound in the labor market.
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