April employment report is expected to show more than 20 million lost jobs and depth of pain as US economy shut down
Pedestrians wearing face masks walk past a boarded up Coach store in SoHo amid the coronavirus outbreak on May 3, 2020 in New York City.
Liao Pan | China News Service | Getty Images
April’s jobs report will be horrific, and with the worst job losses ever, it should provide a critical look into the depths of the crater the economy has fallen into.
Economists expect a record 21.5 million jobs were lost last month, sending the unemployment rate sharply higher to 16% from just 4.4%, according to Dow Jones. But economists concede that unemployment rate could be as low as 11% or higher than 20%, because of the way the government collects the data in its survey.
At 16%, it would be the highest rate of unemployment since 1939, the tail end of the Great Depression and just before World War …continued .
[Source: CNBC News]