The Labor Department announced today (May 8, 2020) that the U.S. economy set new records last month for job losses and the unemployment rate, as the coronavirus pandemic took an enormous toll on economic activity throughout the country, according to The Fiscal Times website.
Payroll employment fell by 20.5 million during the month, driving the unemployment rate to 14.7%.
The job loss numbers reflect the largest monthly employment contraction in U.S. history, dwarfing the monthly totals seen during the 2008-2009 recession.
Indeed, the unemployment rate is now the highest it has ever been since the Great Depression.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment