The American economy plunged deeper into crisis last month, losing 20.5 million jobs as the unemployment rate jumped to 14.7 percent, the worst devastation since the Great Depression. Areas like leisure and hospitality had the biggest losses in April, but even health care shed more than a million jobs. What’s more, because of issues with the way workers are classified, the Labor Department said the actual unemployment rate last month might have been closer to 20 percent. Some economists say the unemployment rate should fall over the summer as people begin to return to work. Most forecasters expect the unemployment rate to remain elevated at least through 2021, and probably longer.

Source: New York Times May 08, 2020 12:49 UTC