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Pandemic Causes Loss of 20,500,000 Jobs, Unemployment at 14.7 Percent
As expected, the April jobs report showed a catastrophic hit to the labor market stemming from the pandemic. The economy lost another 20,500,000 jobs in April after losing 870,000 jobs in March. This is an order of magnitude higher than any previous two-month decline on record. The unemployment rate jumped to 14.7 percent, up 11.2 percentage points from what had been a 50-year low of 3.5 percent in February. The employment-to-population (EPOP) ratio was down 9.8 percentage points over this period, as 25.4 million fewer people report being employed in April than in February. There is some good news in this horrible ... (full story)
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