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		</div><p>The US unemployment rate hit 14.7% in April, the highest since the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record.</p>
<p>The figures are stark evidence of the damage coronavirus has done to a now-shattered economy.</p>
<p>The losses reflect what has become a severe recession caused by sudden business shutdowns in nearly every industry.</p>
<p>Nearly all the job growth achieved during the 11-year recovery from the Great Recession has now been lost in one month.</p>
<p>The collapse of the job market has occurred with stunning speed.</p>
<p>As recently as February, the unemployment rate was a five-decade low of 3.5%, and employers had added jobs for a record 113 months, while in March, the unemployment rate was just 4.4%</p>
<p>The government’s report on Friday noted that many people who lost jobs in April but did not look for another one were not even counted in the unemployment rate.</p>
<p>The impact of those losses was reflected in the drop in the proportion of working-age Americans who have jobs – just 51.3%, the lowest on record.</p>
<p>In addition to the millions of newly unemployed, 5.1 million others had their hours reduced in April.<br />
That trend also means less income and less spending, perpetuating the economic downturn.</p>
<p>A measure of what is called underemployment – which counts the unemployed plus full-time workers who were reduced to part-time work – reached 22.8%, a record high.</p>
<p>Though some businesses are beginning to reopen in certain states, factories, hotels, restaurants, resorts, sporting venues, cinemas and many small businesses are still largely shuttered.</p>
<p>In the five weeks covered by the US jobs report for April, 26.5 million people applied for unemployment benefits.</p>
<p>The job losses reported on Friday were a smaller figure because the two are measured differently: the government calculates job losses by surveying businesses and households.</p>
<p>It is a net figure that also counts the hiring that some companies, such as Amazon and many grocery stores, have done.</p>
<p>By contrast, total jobless claims are a measure of just the layoff side of the equation.<br />
For the United States, a key question is where the job market goes from here.</p>
<p>Applications for unemployment aid, while high, have declined for five straight weeks, a sign that the worst of the layoffs has passed.</p>
<p>Still, few economists expect a rapid turnaround.</p>
<p>The Congressional Budget Office has forecast that the unemployment rate will still be 9.5% by the end of next year.</p>
<p>A paper by economists at the San Francisco Federal Reserve estimates that under an optimistic scenario that assumes shutdowns are lifted quickly, the unemployment rate could fall back to about 4% by mid-2021.</p>
<p>But if shutdowns recur and hiring revives more slowly, the unemployment rate could remain in double-digits until the end of 2021, the San Francisco Fed economists predict.</p>
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