America's Job Market as of Today, by the Numbers
The U.S. Department of Labor released their monthly report today, and it shows clear measures of the impact of the novel coronavirus across the American economy in April. We have pulled out the most important numbers for you below. Read on to learn about unemployment rate, jobs lost, and who's been hit hardest.
20.5 million jobs were lost in April. All sectors were impacted, but the Bureau of Labor Statistics says leisure and hospitality were particularly hard-hit.
The unemployment rate rose 10.3%, bringing it to a total of 14.7%. That's the highest month-to-month increase in the available data, which goes back to 1948. Experts say the real unemployment rate may be as high as 25%.
Men's unemployment rate is now 13%, and women's is 15%; 55% of the jobs lost in April were women's. This is unusual, since in past recessions men have borne more of the brunt, explained economist Ernie Tedeschi. This is partially because women make up more of the workforce in areas hit hard by the virus, like retail, hospitality and recreation.
People who work part-time for economic reasons nearly doubled over the month and is now 10.9 million. That includes people who were full time and had hours cut, and workers who are usually part-time.
The employment-population ratio (the percentage of people of working age who are employed) dropped nearly 9 percentage points to 51.3 percent. This is the lowest ratio and largest per month decrease in the available data, which goes back to January of 1948.
These numbers show how tough it is out there. If you are unemployed, take a look at our unemployment tracker to see real, self-reported data on who has received their benefits in your state and get all the info you need from our ultimate unemployment guide. Plus, see who has gotten their stimulus check near you with our stimulus tracker.