BREAKING: Unemployment hits 14.7%, highest rate since the Depression, as U.S. shed 20 million jobs in April from viral outbreak.
A pedestrian walks by The Framing Gallery, closed due to the COVID-19 pandemic, in Grosse Pointe, Mich., Thursday, May 7, 2020. Michigan Gov. Gretchen Whitmer said Thursday that auto and other manufacturing workers can return to the job next week, further easing her stay-at-home order while extending it through May 28 because of the coronavirus pandemic.
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% Even those numbers won’t fully capture the scope of the damage the coronavirus has inflicted on jobs and incomes. Many people who are still employed have had their hours reduced. Others have suffered pay cuts. Some who lost jobs in April and didn’t look for a new one in light of their bleak prospects won’t even be counted as unemployed. A broader measure — the proportion of adults with jobs — could hit a record low.During the Great Recession of 2008-2009, the nation lost 6.
McGurk’s is a St. Louis landmark, and Barnard expects it to rebound quickly once it reopens. She just doesn’t know when.
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