U.S. job losses in April worst since Great Depression

The U.S. economy lost a staggering 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression and the starkest sign yet of how the pandemic is battering the U.S. economy.

The latest figures from the Labor Department released on Friday showed the unemployment rate surging to 14.7% last month, shattering the post-World War Two record of 10.8% touched in November 1982.

Economists say the economy entered recession in late March, when nearly the whole country went into lockdowns.

When asked about the devastating April jobless numbers, President Donald Trump in an interview with Fox News Friday morning, said all those lost jobs will be back “very soon”.

While many economists do not expect a quick rebound in the labor market, Companies like Walmart and Amazon are hiring workers to meet huge demand in online shopping. Truck drivers are in demand, while supermarkets, pharmacies and courier companies also need workers.