COVID -19: US Suffers Biggest Job Losses In History
Posted by E.L.E.X on May 09 2020 under News
The US unemployment rate has risen to 14.7%, with 20.5 million jobs lost in April, as the coronavirus pandemic devastated the economy.
The rise means the jobless rate is now worse than at any time since the Great Depression of the 1930s.
Since the pandemic began, the US has suffered its worst growth numbers in a decade and the worst retail sales report on record.
Just two months ago, the unemployment rate was at 3.5%, a 50-year low.
The United States is home to the world’s largest and deadliest coronavirus outbreak, with more than 75,000 fatalities and 1.2 million cases reported as of Thursday, according to Johns Hopkins University.
The report from the Labor Department showed declines in every sector of the economy.
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