Unemployment Rate Hits A Historic 20.5 Million

According to Reuters the U.S. economy lost 20.5 million jobs in April- a historical loss, with the deepest plunge in payrolls since the Great Depression.

It is the latest indication of how big of an impact coronavirus has had on lives worldwide.

The Labor Department's monthly employment report was released on Friday.

It also showed the unemployment rate climbing to 14.7% in April, shattering a post-World War Two record of 10.8%.

Erica Groshen, a former commissioner of the Labor Department’s Bureau of Labor Statistics explained, “Our economy is on life support now.” The bleak statistics strengthen analysts’ belief that the economy will face a slow recovery as a result of the pandemic.