The US unemployment rate has risen to 14.7%, with 20.5 million jobs lost in April, as the coronavirus pandemic devastated the economy.
The rise means the jobless rate is now worse than at any time since the Great Depression of the 1930s.
Since the pandemic began, the US has suffered its worst growth numbers in a decade and the worst retail sales report on record.
Just two months ago, the unemployment rate was at 3.5%, a 50-year low.
"It is historically unprecedented," said economist Erica Groshen, former head of the government's Bureau of Labor Statistics, who now teaches at Cornell University. "We have put our economy into a medically induced coma in order to heal it from the pandemic... and that has led to the most precipitous loss of jobs seen in any of the modern data."
The report from the Labor Department showed declines in every sector of the economy.
Leisure and hospitality was hit especially hard, with payrolls falling by 7.7 million or 47%. Employers in education and health services cut 2.5 million positions, while retailers shed 2.1 million.
The Labor Department said more than three-quarters of those without jobs described themselves as temporarily laid off, a sign that many of those currently without work are hopeful that the economy will be able to rebound.


More at: https://samayomidesblog..com/2020/05/us-lost-205-million-jobs-in-april.html

Now imagine the numbers in Nigeria

dz report is called da non farm payroll report.
it is released monthly and is has a great impact in da forex market.
dz months own affected da market so much