April Unemployment Rate Rose to a Record 14.7%

Maya Clemons

Unprecedented 20.5 million jobs shed as coronavirus pandemic hit the economy. Employment fell sharply in all broad business sectors last month and across all groups of workers, with particularly large increases in unemployment among women, college dropouts and Hispanics.The U.S. jobless rate eclipsed the previous record rate of 10.8% for data tracing back to 1948, though it was well below the 25% rate economists estimate was hit during the Great Depression. The job losses due to business closures triggered by the coronavirus pandemic produced by far the steepest monthly decline on records back to 1939. By comparison, nearly 2 million jobs were lost in one month in 1945, at the end of World War II.
Source- The Wall Street Journal