The April 2020 Economic Report shows clearly the devastating economic impact of the global COVID-19 pandemic. The national unemployment rate has not been as high as 14.7% since the Great Depression. Approximately 20.5 million people lost their job, ending a decade of steady job growth.
This sudden and unexpected contraction in the economy has negatively impacted the Leisure and Hospitality, Education and Health Services and Professional and Business Services sectors in particular.
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If you’re unable to view our April 2020 Economic Report or would like additional information, read below:
COVID-19: The changes in these measures reflect the effects of the coronavirus pandemic and efforts to contain it. The household survey response rate, at 70%, was about 13% lower than in months prior to the pandemic. The collection rate for the establishment survey was 74.9%, essentially unchanged from collection rates prior to the pandemic.
The unemployment rate rose by 10.3% to 14.7% in April. This is the highest rate since the Great Depression which peaked at 25.6% unemployment.
Total employment decreased by 20.5 million in April after falling by 870,000 in March. This is the largest over-the-month decline in the history of this series of data. (1938)
Leisure and Hospitality lost 7.7 million jobs.
5.5 million jobs lost in food services and drinking places
Education and Health Services lost 2.5 million jobs.
1.4 million jobs lost in health care
651,000 jobs lost in social assistance
457,000 jobs lost in private education
Professional and Business Services lost 2.1 million jobs.
842,000 jobs lost in temporary help services
259,000 jobs lost in services to buildings and dwellings
Retail Trade lost 2.1 million jobs.
740,000 jobs lost in clothing and clothing accessories stores
345,000 jobs lost in motor vehicle and parts dealers
93,000 jobs added in warehouse clubs and supercenters
Manufacturing lost 1.3 million jobs.
914,000 jobs lost in durable goods manufacturing
382,000 jobs lost in motor vehicles and parts
416,000 jobs lost in nondurable goods manufacturing
Other services lost 1.3 million jobs.
797,000 jobs lost in personal and laundry services
The federal government lost 980,000 jobs.
801,000 jobs lost in local government partly due to school closures
Average hourly earnings for all employees rose by $1.34 to $30.01. This increase is largely due to the loss of lower-paid workers.
Note: Data below represents changes from different months.
Job openings dropped 1.85% in February to 6.9 million openings.
Dow Jones rebounded 14.7% in April after a record-breaking low in March.
Housing starts dropped by a massive 22.3% to 1.2 million in March.
Consumer price index dropped 0.4% in March.
Federal prime rate remained at 3.25% in April after dropping from 4.25% in March.
Retail inventories dropped 0.31% in February at $662 billion.
Manufacturing hours worked per week dropped 5.2% to an average of 38.3 hours in April.
Manufacturing new orders dropped by 10.3% to $446 billion in March.