The U.S. 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 pandemic is battering the economy
WASHINGTON - The U.S. 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.
“If there is a silver-lining in today’s dismal jobs report, it is in the realization that the economy cannot possibly get any worse than it is right now,” said Chris Rupkey, chief economist at MUFG in New York. “Joblessness can only diminish from this point forward as many states start reopening.” Dentists have closed offices, while general practitioners and hospitals have seen a reduction in patient visits as people stay at home in fear of contracting the highly contagious virus. Hospitals have also suspended elective surgeries to focus on the treatment of COVID-19 patients.
The employment-to-population ratio, which is viewed as a better measure of an economy’s ability to create employment, tumbled 8.7 percentage points to 51.3%, the lowest rate since the series started in 1948. Unemployment rose for all demographic groups last month.
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