The US unemployment rate has hit a new high of 14.7% following more than 20 million job losses reported in April due to the coronavirus pandemic that has crippled the US economy, OYOGist.com has gathered.
The US economy is the world’s biggest economy, and the country remains the worst hit in the world, as more than 1 million confirmed cases have been reported.
The jobless rate in the US is now worse than that of the 1930s Great Depression or anytime after it, according to Friday reports from the US Department of Labor.
The coronavirus pandemic has erased all the job gains the Trump administration and the previous administration before that made in just under two months.
April’s job loss of over 20 million is the highest figure on record, according to findings.
At this rate, the global economy, led by the US, is heading for a depression, worse than one ever witnessed.
Barely two months ago, the unemployment rate in the US was at 3.5%, which at the time was the lowest in 50 years. And as the US economy nose-dived under the coronavirus pandemic, the unemployment claims rose drastically, with figures multiplying within weeks.
The COVID-19 pandemic attacked nearly all industries in the US and the rest of the world, starting from the travel industry as countries imposed travel restrictions in a bid to curb the spread of the deadly coronavirus disease.
The hospitality industry quickly surrendered 7.7m jobs as quarantine measures hit the sector. Retail lost 2.1m jobs while manufacturing shed 1.3m jobs. Even education health sectors were not spared as both reduced by 2.5m jobs, as dentists bid goodbye to 503,00 workers.
Following the high level of job losses reported in the US, many have filed form unemloyment, waiting to receive benefits from the government for sustainance.