Unemployment rate soars to 14.7 percent — worst since the Great Depression

“The U.S. unemployment rate jumped to 14.7 percent in April, the highest level since the Great Depression, as most businesses shut down or severely curtailed operations to try and limit the spread of the deadly coronavirus,” as the Washington Post is reporting.

“The jobless rate was pushed higher because 20.5 million people lost their jobs last month, the Labor Department said Friday, wiping out a decade of job gains in a single month. The staggering losses are roughly double what the nation experienced during the 2007-09 crisis, which used to be described as the harshest economic contraction most people ever endured. Now that has been quickly dwarfed by the fallout from the global pandemic.

“During March and April, President Trump and numerous state and local leaders moved to put the economy in a deep freeze in an effort to minimize exposure to the virus. This led businesses to suddenly shed millions of workers at a rapid rate. Analysts warn it could take many years to return to the 3.5 percent unemployment rate the nation experienced in February.”

The rest of the article is here.

Author: jeffpelline

Jeff Pelline is a veteran editor and award-winning journalist - in print and online. He is publisher of Sierra FoodWineArt magazine and its website SierraCulture.com. Jeff covered business and technology for The San Francisco Chronicle for 12 years, and he was a founding editor and Editor of CNET News for eight years, among other positions. Jeff has a bachelor's degree from UC Berkeley and a master's from Northwestern University. His hobbies include sailing, swimming, and trout fishing in the Sierra. View all posts by jeffpelline