Unemployment Rate Climbs to 14.7% in April

The Labor Department is reporting that as the result of the COVID-19 pandemic and many states requiring their citizens to shelter in place, the U.S. labor market in April, shed 20.5 million workers from nonfarm payrolls. The unemployment rate in April has catapulted to 14.7%.  April’s unemployment rate topped the post-war record of 10.8%, but is short of the Great Depression high estimated of 24.9%. The October 2009 financial crisis peak was 10%.