Unemployment soars to 14.7%, job losses reach 20.5 million in April

By: Paul Davidson - USA TODAY

The U.S. economy lost 20.5 million jobs in April and the unemployment rate soared to 14.7% — both record highs — laying bare the starkest picture yet of the crippling gut-punch delivered by the coronavirus pandemic.

In just a month, the historically dismal performance abruptly wiped away nearly all the nation’s job gains since the Great Recession of 2007-09. The reversal has been head-spinning: The jobless rate had touched a 50-year low of 3.5% in February before rising to 4.4% the following month amid the early effects of the crisis.