NEW YORK (77 WABC) — The U.S. unemployment rate hit 14.7% in April, the highest rate since the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record. The figures are stark evidence of the damage the coronavirus has done to a now-shattered economy. The losses reflect what has become a severe recession caused by sudden business shutdowns in nearly every industry. Almost all the job growth achieved during the 11-year recovery from the Great Recession has now been lost in one month.
The April unemployment rate eclipsed the post-war mark of 10.8%. At the peak of the financial crisis in October 2009 the rate stood at 10%. During the Great Depression, the unemployment rate surged to a record 24.9%.
BREAKING: The US lost 20.5 million jobs in April, and unemployment rose to 14.7%, a level not seen since the Great Depression. https://t.co/BT2tD5seU1
— CNN (@CNN) May 8, 2020