Friday's April Jobs Report Leaves Economists Aghast
- 4 years ago
Friday's horrific April nonfarm payroll report from the Labor Department left economists agape.
According to Business Insider, the US economy lost a record 20.5 million jobs, and the unemployment rate surged to 14.7%.
It was the largest drop on record, erasing nearly a decade of gains.
Women bore most of the job losses, and lower income workers have been hit hardest by coronavirus-induced layoffs.
People dropped out of the labor force en masse, and only about half of workers currently have a job.
There's no part of the economy that is really escaping unscathed right now. The report just reflects incalculable human suffering. Martha Gimbel, Economist Schmidt Futures
According to Business Insider, the US economy lost a record 20.5 million jobs, and the unemployment rate surged to 14.7%.
It was the largest drop on record, erasing nearly a decade of gains.
Women bore most of the job losses, and lower income workers have been hit hardest by coronavirus-induced layoffs.
People dropped out of the labor force en masse, and only about half of workers currently have a job.
There's no part of the economy that is really escaping unscathed right now. The report just reflects incalculable human suffering. Martha Gimbel, Economist Schmidt Futures