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April Jobs Data Shows Epic Losses, Soaring Unemployment

April Jobs Data Shows Epic Losses, Soaring Unemployment

April Jobs Data Shows Epic Losses, Soaring Unemployment

WASHINGTON (AP) — The economic catastrophe caused by the viral outbreak likely sent the U.S. unemployment rate in April to its highest level since the Great Depression and caused a record-shattering loss of jobs.

With the economy paralyzed by business closures, the unemployment rate likely jumped to at least 16% — from just 4.4% in March — and employers cut a stunning 21 million or more jobs just in April, economists have forecast.

If so, it would mean that nearly all job growth in the 11 years since the Great Recession had vanished in a single month.

Yet even those breathtaking figures won’t fully capture the magnitude of the damage the coronavirus has inflicted on the job market.

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