US UNEMPLOYMENT RATE SOARS TO 14.7% IN APRIL 2020

The US unemployment rate officially hit 14.7% in April, with 20.5 million jobs vanishing into thin air as COVID-19 companies shut down, hitting small businesses in 50 states and forcing lockdown in business hubs, like New York, which has the biggest death toll due to the pandemic.

This month, the total number of applications for jobless benefits in the US grew to more than 30 million, surpassing the official April 2020 figure, which is already the worst monthly loss on record.

More job losses are expected in the succeeding months, according to the Boston Globe, as severe recession due to business shutdowns zaps all significant industries in the US, erasing the 11-year recovery from the Great Recession ushered in by the Obama administration.

“The collapse of the job market has occurred with stunning speed. As recently as February, the unemployment rate was a five-decade low of 3.5%, and employers had added jobs for a record 113 months. In March, the unemployment rate was just 4.4%,” Boston Globe reported. #coronavirusimpact #COVID19