US unemployment records highest level since Great Depression

SANAA, May 9 (YPA) – The US economy lost 20.5 million jobs in April, the largest decline in jobs since the Great Depression.

This is an indication to the strong impact of the Corona virus crisis on the US economy.

The U Department of Labor’s monthly report released on Friday showed that the unemployment rate rose to 14.7 percent last month, breaking the post-World War II record of 10.8 percent that was revised in November 1982.

The negative figures reinforce analysts’ expectations of a slow recovery from the pandemic recession, adding to a series of gloomy data on consumer spending and the housing market.

The report confirms the devastation caused by public isolation measures imposed by state and local governments in mid-March to slow the Covid-19 spread.

Economists say the economy entered a recession in late March, when the country was almost entirely isolated due to Covid-19 disease.

E.M