The worst US jobs report in modern history is in the books.
The numbers are staggering, even as they were expected.
20.5 million American jobs were lost in April, a figure that is orders of magnitude worse than the previous record set in September of 1945, following the end of the second world war.
The previous month's headline figure (which showed 701,000 jobs lost in the March survey period), was revised higher to 870,000.
The headline number for April validates what most observers had already surmised based on the number of Americans filing for unemployment benefits over the last seven weeks. Nearly all of the jobs created over the course of the longest US expansion on record were wiped off the board in a single month.
On Thursday, the latest weekly figures showed another 3 million Americans filing, bringing the running total of jobless claims stemming from the crisis to nearly 34 million.
The unemployment rate more than tripled to 14.7%, a record in data going back some 75 years. Just three months ago, it was sitting at a five-decade nadir.
Some economists expect the jobless rate will eventually top levels seen during the Great Depression, amid an ongoing deluge of
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