Reflecting the effects of the coronavirus pandemic and efforts to contain it, the Labor Department released a report on Friday showing a record nosedive in employment in the U.S. in the month of April.
The report said non-farm employment plummeted by 20.5 million jobs in April after tumbling by a revised 870,000 jobs in March.
The steep drop in employment was not as bad as feared, however, as economists had expected employment to plunge by 22.0 million jobs compared to the loss of 701,000 jobs originally reported for the previous month.
Nonetheless, the Labor Department said the unemployment still skyrocketed to a post-World War II record high of 14.7 percent in April from 4.4 percent in March. Economists had expected the unemployment to spike to 14.0 percent.
The material has been provided by InstaForex Company – www.instaforex.com
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