A record 20.5 million jobs were lost in April as unemployment rate jumps to 14.7%

• The impact of the coronavirus-induced economic shutdown tore through the U.S. labor market in April at historic levels, slashing 20.5 million workers from nonfarm payrolls and sending the unemployment rate skyrocketing to 14.7%, the Labor Department reported Friday.
• Both numbers easily smashed post-World War II era records and help reflect the profound damage done through efforts used to combat the virus.
• Economists surveyed by Dow Jones had been expecting payrolls to shed 21.5 million and the unemployment rate to go to 16%. April’s unemployment rate topped the post-war record 10.8% but was short of the Great Depression high estimated at 24.9%. The financial crisis peak was 10% in October 2009.

 (Source: CNBC)