WASHINGTON, May 8 — The US economy lost a staggering 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression and the starkest sign yet of how the novel coronavirus pandemic is battering the world’s biggest economy. The Labor Department’s closely watched monthly...
Friday, 08 May 2020 08:48 PM MYT
The Labor Department’s closely watched monthly employment report today also showed the unemployment rate surging to 14.7 per cent last month, shattering the post-World War Two record of 10.8 per cent touched in November 1982. “Our economy is on life support now,” said Erica Groshen, a former commissioner of the Labor Department’s Bureau of Labor Statistics. “We will be testing the waters in the next few months to see if it can emerge safely from our policy-induced coma,” added Groshen, who is now a senior extension faculty member at the Cornell University School of Industrial and Labor Relations.
The Federal Reserve has also thrown businesses credit lifelines and many states are also partially reopening.
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