Covid-19 pandemic destroys 20.5 mn US jobs in April in historic collapse | World News - Hindustan Times
close_game
close_game

Covid-19 pandemic destroys 20.5 mn US jobs in April in historic collapse

Washington | ByAgence France-Presse | Posted by: Harshita Singh
May 08, 2020 06:36 PM IST

The unprecedented collapse drove the unemployment rate to 14.7 percent -- well beyond the peak hit in late 2009 during the global financial crisis -- from 4.4 percent in March.

The coronavirus lockdown wiped out 20.5 million US jobs in April, destroying nearly all the positions created in the prior decade in the world’s largest economy, the Labor Department reported Friday.

A woman walks through an almost-deserted Times Square in the early morning hours on April 23, 2020 in New York City.(AFP)
A woman walks through an almost-deserted Times Square in the early morning hours on April 23, 2020 in New York City.(AFP)

The unprecedented collapse drove the unemployment rate to 14.7 percent -- well beyond the peak hit in late 2009 during the global financial crisis -- from 4.4 percent in March.

Hindustan Times - your fastest source for breaking news! Read now.

And job losses in March were worse than initially reported, falling 870,000 even though the business closures mostly happened in the second half of the month.

The plunge in nonfarm payroll employment was the largest ever recorded since 1939, while the jobless rate was the highest and the biggest increase since 1948, the report said.

Employment fell sharply in all major industry sectors, with particularly heavy job losses in leisure and hospitality, the first sector hit and the one bearing the brunt of the impact of the lockdowns.

However, the Labor Department noted that the some workers were misclassified in the report as employed when they should have been counted as laid off. Had they been listed properly, the unemployment rate would have been nearly five percentage points higher.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away! - Login Now!

Get Latest World News along with Latest News from India at Hindustan Times.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On