The April jobs report is out this morning from the Labor Department, and it's as bad as people were expecting. Last month, 20.5 million American workers lost their jobs, sending the unemployment rate skyrocketing to 14.7 percent.
Both numbers easily smashed post-World War II era records. April’s unemployment rate topped the post-war record of 10.8 percent but was short of the Great Depression high estimated at 24.9 percent. The financial crisis peak was 10 percent, reached in October 2009.
The biggest hit was to the leisure and hospitality industry, which lost 7.7 million jobs, 5.5 million of whom came from eating and drinking establishments. Education and health services lost 2.5 million, while professional and business services as well as retail both saw 2.1 million workers lose their jobs. Manufacturing and “other services” dropped by 1.1 million apiece, and government fell by 980,000.
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