(Fox Business) — U.S. employers cut 20.5 million jobs in April, a record-shattering number that pushed unemployment to 14.7 percent, the highest level since the Great Depression, as the coronavirus pandemic triggered an unprecedented economic catastrophe.
The grim Labor Department report provides one of the most comprehensive looks at the economic damage inflicted by the virus outbreak and subsequent stay-at-home measures mandated by states to curb the spread of COVID-19.
More than a decade of job gains were erased in a single month; the stunning job losses are more than double what the U.S. saw during the 2008 financial crisis.
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