Unemployment Soars to 14.7%

“The impact of the coronavirus-induced economic shutdown tore through the U.S. labor market in April at historic levels, slashing 20.5 million workers from nonfarm payrolls and sending the unemployment rate skyrocketing to 14.7%,” CNBC reports.

“Both numbers easily smashed post-World War II era records and help reflect the profound damage done through efforts used to combat the virus.”

New York Times: “If anything, the report understates the damage. The government’s definition of unemployment typically requires people to be actively looking for work. And the unemployment rate doesn’t reflect the millions still working who have had their hours slashed or their pay cut.”