The US unemployment rate surged to 14.7% in April, with 20.5 million jobs lost, the bleakest picture yet of damage caused by the pandemic
The U.S. economy lost 20.5 million jobs in April and the unemployment rate soared to 14.7% -- both record highs -- laying bare the starkest picture yet of the crippling gut punch delivered by the coronavirus pandemic.
Most states shut down nonessential businesses and issued stay-at-home orders starting in mid-March to curtail the spread of the virus, closing restaurants, malls, movie theaters, offices and sports venues, and idling tens of millions of workers. Combined with a travel and tourism industry that largely ground to a halt, some 30% of America’s economy has evaporated, and the effects have rippled to white-collar businesses and their employees.
That suggested there may be fewer job losses than unemployment claims. At the same time, the Economic Policy Institute estimated that as many as 14 million workers couldn’t apply for benefits because of overwhelmed phone and computer systems, potentially swelling April’s payroll losses. But lingering consumer caution and a possible second wave of the virus is likely to continue to crimp economic activity at least until a vaccine is available, possibly by early next year, economists say. Moody’s Analytics forecasts that unemployment will end 2020 at a still-elevated 9%.
He has applied for unemployment benefits but is still awaiting approval. Hurley’s fiancee, Shannon, is still working a second-grade teacher, but the couple has taken a big hit to their income. They’re buying lots of pasta and rice to stretch their food dollar and keeping the thermostat at 67 degrees.
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