US Unemployment Rate Soars To 14.7%, the Worst Since the Depression Era

The U.S. unemployment rate jumped to 14.7 percent in April, the highest level since the Great Depression, as many businesses shut down or severely curtailed operations to try and limit the spread of the deadly coronavirus. From a report: The Labor Department said 20.5 million people abruptly lost their jobs, wiping out a decade of employment gains in a single month. The speed and magnitude of the loss defies comparison. It is roughly double what the nation experienced during the entire 2007-09 crisis. As the virus's rapid spread accelerated in March, President Trump and numerous governors imposed restrictions that led businesses to suddenly shed millions of workers, putting the economy in a deep freeze. Analysts warn it could take many years to return to the 3.5 percent unemployment rate the nation experienced in February in part because it's unclear what a new economy will look like even if scientists make progress on a vaccine, testing, and treatment.

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