The US Bureau Labor Statistics reported today that nonfarm payroll employment dropped by 20.5M in April, while the unemployment rate rose to 14.7%, reflecting the effects of the COVID-19 pandemic and measures taken to try to contain it.
The leisure and hospitality sector suffered the most job losses: 7.7M jobs lost, 47% of sector total, and about 75% in restaurant and bar jobs.
There were very significant job losses in arts, entertainment and recreation also.
Average hourly earnings increased by $1.34 to $30.01 - probably reflecting the disproportionate loss of low-paid jobs.
How much will reopening of some businesses in some states turn this trend around in May and June? Watch this space for updates.
