US unemployment rate soars to 14.7 percent as economy loses 20.5 million jobs

The U.S. lost 20.5 million jobs in April amid the economic devastation of the coronavirus pandemic as the steepest recorded surge in American unemployment wiped out a decade of job gains, according to data released Friday by the Bureau of Labor Statistics (BLS).

The unemployment rate spiked to 14.7 percent, according to the April jobs report, as thousands of businesses closed and laid off or furloughed workers they could no longer afford to employ.

Read More
%d bloggers like this: