Job Loss in April Was Historic
Job Loss in April Was Historic; Historic Racial Disparity Only Worsened Under COVID-19
Written by Dr. Bernard A. Anderson, Professor Emeritus, the Wharton School, University of Pennsylvania and Senior Economic Advisor, National Urban League
The April Jobs Report was expected to be momentous, but the numbers still have the power to shock. The 14.7 percent unemployment rate reported by the Bureau of Labor Statistics is the highest since the peak of the Great Depression. At least 20.5 million people lost their jobs in April, bringing the 7-week total to about 33 million.