U.S. Job Losses Depression-Like
CBJ — The American economy lost nearly 21 million jobs in the month of April according to statistics released by the U.S. Labor Department. Many economists had predicted there would be a loss of 22 million, so the losses were in line with expectations.
It’s the biggest drop in monthly employment since the days of the Great Depression, which started in 1929 and lasted for the better part of a decade.
The dismal outlook has all been caused by the novel coronavirus outbreak, which turned into a worldwide pandemic.
The economic crisis certainly won’t help President Donald Trump’s aspirations for another four years in office. He will be seeking a second and final term in office in November’s election against presumptive Democratic nominee Joe Biden, who served as vice president for eight years in the Obama administration.
Trump is eager to reopen the economy, and some states have begun the process while others are not yet ready to end their state-imposed lockdowns.
A total of 26.5 million people had filed claims for jobless benefits and 16.2 million were on unemployment rolls through the week of April 12.