US unemployment rate surges to 14.7%
US Department of Labor on Friday said the rate of US unemployment surged to 14.7% in April as the coronavirus pandemic continues to devastate the US, causing an economic shutdown.
The labor department’s Bureau of Labor Statistics stated that US employers cut almost 20.5 million workers.
According to the bureau, this is the largest one-month contraction ever recorded.
The contraction is 25 times worst compared to the decline last seen during the 2007-2009 recession, the labor department said on the Friday report.
It’s the highest since the 1930 Great Depression, the department added.
The companies that laid-off employees these recent weeks are: Uber, Lyft, Airbnb, among many others.
Midst the economic downturn, the US gov’t has gone through tremendous lengths to mitigate the fallout of the economy caused by the shutdowns.
US President Trump last March 27 signed into law the $2 trillion Cares Act, an economic relief package to assist Americans heavily hit by the pandemic.