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U.S. Unemployment Rate Soars to 14.7 Percent

This is the worst it has been since the Depression

The U.S. unemployment rate jumped to 14.7 percent in April, the highest level since the Great Depression, as most businesses shut down or severely curtailed operations to try and limit the spread of the deadly coronavirus (COVID-19).

The jobless rate was pushed higher because 20.5 million people lost their jobs last month, the Labor Department said Friday, wiping out a decade of job gains in a single month. The staggering losses are roughly double what the nation experienced during the 2007-09 crisis, which used to be described as the harshest economic contraction most people ever endured. Now that has been quickly dwarfed by the fallout from the global pandemic.

During March and April, President Trump and numerous state and local leaders moved to put the economy in a deep freeze in an effort to minimize exposure to the virus. This led businesses to suddenly shed millions of workers at a rapid rate. Analysts warn it could take many years to return to the 3.5 percent unemployment rate the nation experienced in February.

Please select this link to read the complete article from The Washington Post.

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