Friday's horrific April nonfarm payroll report from the Labor Department left economists agape.
According to Business Insider, the US economy lost a record 20.5 million jobs, and the unemployment rate surged to 14.7%.
It was the largest drop on record, erasing nearly a decade of gains.
Women bore most of the job losses, and lower income workers have been hit hardest by coronavirus-induced layoffs.
People dropped out of the labor force en masse, and only about half of workers currently have a job.
There's no part of the economy that is really escaping unscathed right now.
The report just reflects incalculable human suffering.
Martha Gimbel, Economist Schmidt Futures
