April Jobs Report: Unemployment Rate Soars to 14.7%

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The U.S. unemployment rate hit 14.7 percent in April. 20.5 million jobs were lost.

These are levels unseen since the Great Depression.

The April jobs report, released this morning at 8:30 a.m. by the U.S. Bureau of Labor Statistics, reveals just how grim the coronavirus pandemic has been for the U.S. economy, devastating Wall Street to Main Street and hitting all sectors.

These unemployment numbers—at nearly 15%—far exceed the worst of the last recession, where unemployment peaked at 10 percent in 2009. Today's numbers are more comparable to what was seen during the Great Depression in the early 1930s.

The economy continues to reel from the impact of the coronavirus pandemic as the social distancing implemented to combat the spread of the virus has shuttered businesses across the U.S. and sparked layoffs. As of Friday, coronavirus cases in the U.S. have surpassed 1.2 million. 

Reaction to jobless claims on Thursday had Jim Cramer saying that May would be a rough month for Wall Street.

As of late premarket trading Friday, the Dow was up 315.11 points, the Nasdaq was up 82 and the S&P 500 was up 31.24. Many across Wall Street say the disparaging jobs numbers were already weighed into the stock market. 

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