The Labor Department's latest report is the worst ever released since World War II.
The pandemic's impact was more powerful than everyone expected. In just one month, more than 20 million jobs from the non-farm sectors disappeared and made the unemployment rate reach a heinous 14.7%. The current numbers beat the World War II record set at 10.8%, and the Great Recession in 2009, when it was 10%.
The pandemic managed to reverse a job market that just two months ago was on high-horses. February had a payroll gain of 230,000. But everything took a turn for the worse when the March report showed a loss of more than 800,000 payrolls. Analysts believe it will take several years for the economy to recover, and the unemployment rate to return to 3.5%.
On the other side, average hourly earnings gained 8% from the same period last year.
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Sources: forexfactory.com, cnbc.com, washingtonpost.com