April Unemployment Rate Rose to a Record 14.7%
Posted on AllSides May 8th, 2020
From The Center
The April unemployment rate rose to a record 14.7% and payrolls dropped by an unprecedented 20.5 million as the coronavirus pandemic hit the economy.
April’s jobless rate eclipsed the previous record rate of 10.8% for data tracing back to 1948.
The job losses due to business closures triggered by the coronavirus produced by far the steepest monthly decline on records back to 1939. By comparison, nearly 2 million jobs were lost in one month in 1945, at the end of World War II.
“The sharp increases in these measures reflect...
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