Over the past weeks, Americans’ efforts to slow COVID-19’s spread have helped flatten the curve. As a result of this action, the Bureau of Labor Statistics’ (BLS) April Employment Situation report shows that nonfarm payroll employment fell by 20.5 million and the unemployment rate (U-3) jumped 10.3 percentage points to 14.7 percent. Both of these monthly changes are the largest in the series’ histories, as never before has the United States halted large portions of its economic activity.
While April’s jobs numbers may astound Americans, the economy’s strength earlier this year put the Nation in a better position to make temporary economic sacrifices to slow COVID-19’s spread. After all, the unemployment rate stood at a 50-year low of 3.5 percent only two months ago.
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