Pandemic inflicts historic U.S. job losses, as states struggle to reopen
The coronavirus pandemic triggered the steepest monthly loss of U.S. jobs since the Great Depression, government data showed on Friday, while Michigan and California prepared to put people back to work after a manufacturing shutdown.
Labor Department data for April showed a rise in U.S. unemployment to 14.7% - up from 3.5% in February - demonstrating the speed of the U.S. economic collapse after stay-at-home policies were imposed in much of the country to curb the pathogen’s spread. Worse economic news may yet come. White House economic adviser Kevin Hassett said the unemployment rate is likely to move up to around 20% this month. The economic devastation has put a sense of urgency into efforts by U.S. states to get their economies moving again, even though infection rates and deaths are still climbing in some parts of the country. At least 40 of the 50 U.S. states are taking steps to lift restrictions that had affected all but essential businesses.
8 May 2020
News Source Reuters