U.S. unemployment rate jumps to 14.7%

The U.S. unemployment rate for April jumped to 14.7 per cent, according to data released by the government as novel coronavirus and lockdowns battered the economy.

According to statistics by the Bureau of Labour, total non-farm payroll employment fell by 20.5 million in April.

The number represents the highest rate/largest monthly increase in the modern history of the data.

Due to methodological issues, the data does not fully reflect the economic damage caused by the pandemic in the second half of April, meaning the real number is likely higher.

The number is slightly below analysts’ expectations.

U.S. President Donald Trump said in an immediate reaction, “It is is fully expected, its no surprise.”

He promised to prioritise fixing the economy immediately after the novel coronavirus pandemic.

Since mid-March, when the pandemic caused large segments of the economy to stall, more than 33 million U.S. citizens filed for unemployment benefits.