According to Reuters the U.S. economy lost 20.5 million jobs in April- a historical loss, with the deepest plunge in payrolls since the Great Depression.<br />It is the latest indication of how big of an impact coronavirus has had on lives worldwide. <br />The Labor Department's monthly employment report was released on Friday. <br />It also showed the unemployment rate climbing to 14.7% in April, shattering a post-World War Two record of 10.8%. <br />Erica Groshen, a former commissioner of the Labor Department’s Bureau of Labor Statistics explained, “Our economy is on life support now.” <br />The bleak statistics strengthen analysts’ belief that the economy will face a slow recovery as a result of the pandemic.
