United States

Unemployment rate soars to 14.7 percent, highest level since the Great Depression

Breaking News EmailsGet breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.SUBSCRIBEMay 8, 2020, 12:32 PM UTC / Updated May 8, 2020, 2:51 PM UTCBy Lucy BaylyThe U.S. economy lost an unprecedented 20.5 million jobs in April, shattering all previous records and hitting the highest level since the Great Depression.The unemployment rate soared to 14.7 percent, up from 4.4 percent in March after months at a half-century low, according to the monthly employment report, released Friday by the Department of Labor.In just over a month, the coronavirus has wiped out all job gains since the Great Recession and brought the country's decade-long record economic growth streak to an abrupt halt.“Thi ...