Coronavirus Pandemic Destroys 20.5 Million US Jobs in April in Historic Collapse
People wait outside the New York State Department of Labor office in New York, on March 19, 2020. (Hiroko Masuike/The New York Times)
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.
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.
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.