Today, the U.S. Bureau of Labor Statistics released its Employment Situation report for April 2020. This release was expected to show the substantial hit on the economy caused by COVID-19 and that’s exactly what we see.
Overall, total employment fell by 20.5 million in April, and the unemployment rate rose to 14.7%. This unemployment rate is a 10.3% increase since the March report – the largest over-the-month increase since the BLS started tracking in 1939 and has brought unemployment to its highest level since February 2011. These drastic changes are a direct result of the Coronavirus and the United States’ attempts to prevent its spread.