Coronavirus Blamed for Historic US Unemployment Rate in April
2020-05-09
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1The United States economy lost 20.5 million jobs last month.
2That represents the sharpest increase in the number of jobless Americans since the Great Depression of the 1930s.
3It is the strongest evidence yet of how much damage the novel coronavirus is causing the world's biggest economy.
4The U.S. Labor Department released its monthly employment report Friday.
5It shows April's unemployment rate rising to 14.7 percent from a historically low 4.4 percent a month earlier.
6That sets a record for the highest jobless rate since World War II.
7The old record was 10.8 percent in November of 1982.
8The new unemployment report strengthens economists' expectations of a slow recovery from the recession caused by the coronavirus pandemic.
9The report provides evidence of the economic damage resulting from new public safety measures.
10Many states and local governments announced stay-at-home orders in March to slow the spread of COVID-19, the disease caused by the virus.
11The weak economic conditions could hurt President Donald Trump's efforts to win a second term in office.
12The U.S. presidential elections will take place six months from now.
13Trump has said he wants to reopen the economy although the number of COVID-19 infections continues to rise.
14"Our economy is on life support now," said Erica Groshen, a former commissioner of the Labor Department's Bureau of Labor Statistics.
15"We will be testing the waters in the next few months to see if it can emerge safely," she added.
16Groshen now works for the Cornell University School of Industrial and Labor Relations.
17Separately, a new survey shows how much the conoravirus pandemic is affecting European economies.
18It shows that business activity across the continent shrunk last month.
19The new survey numbers come from IHS Markit's final Composite Purchasing Manager's Index (PMI) for the euro zone.
20The index is said to be a good sign of the economic health of European Union countries.
21The PMI for April 2020 fell to 13.6 percent, compared to 29.7 percent in March.
22The Reuters news agency says that represents the lowest reading since the very first survey in 1998.
23Germany's service industry recorded its weakest performance ever.
24It reduced overall private sector activity in Europe's largest economy to historically low levels.
25French service providers saw a collapse in business activity because of a nationwide lockdown.
26New public health measures have forced all not non-essential businesses, like supermarkets and drug stores, to close.
27Italy's service industry shrank last month at its fastest rate in more than 22 years.
28Other studies have shown business activity across Asia and the Americas also ground to a halt last month.
29I'm John Russell.
1The United States economy lost 20.5 million jobs last month. That represents the sharpest increase in the number of jobless Americans since the Great Depression of the 1930s. 2It is the strongest evidence yet of how much damage the novel coronavirus is causing the world's biggest economy. 3The U.S. Labor Department released its monthly employment report Friday. It shows April's unemployment rate rising to 14.7 percent from a historically low 4.4 percent a month earlier. That sets a record for the highest jobless rate since World War II. The old record was 10.8 percent in November of 1982. 4The new unemployment report strengthens economists' expectations of a slow recovery from the recession caused by the coronavirus pandemic. 5The report provides evidence of the economic damage resulting from new public safety measures. Many states and local governments announced stay-at-home orders in March to slow the spread of COVID-19, the disease caused by the virus. 6The weak economic conditions could hurt President Donald Trump's efforts to win a second term in office. The U.S. presidential elections will take place six months from now. 7Trump has said he wants to reopen the economy although the number of COVID-19 infections continues to rise. 8"Our economy is on life support now," said Erica Groshen, a former commissioner of the Labor Department's Bureau of Labor Statistics. "We will be testing the waters in the next few months to see if it can emerge safely," she added. 9Groshen now works for the Cornell University School of Industrial and Labor Relations. 10Europe's economic health 11Separately, a new survey shows how much the conoravirus pandemic is affecting European economies. It shows that business activity across the continent shrunk last month. 12The new survey numbers come from IHS Markit's final Composite Purchasing Manager's Index (PMI) for the euro zone. The index is said to be a good sign of the economic health of European Union countries. 13The PMI for April 2020 fell to 13.6 percent, compared to 29.7 percent in March. The Reuters news agency says that represents the lowest reading since the very first survey in 1998. 14Germany's service industry recorded its weakest performance ever. It reduced overall private sector activity in Europe's largest economy to historically low levels. 15French service providers saw a collapse in business activity because of a nationwide lockdown. New public health measures have forced all not non-essential businesses, like supermarkets and drug stores, to close. 16Italy's service industry shrank last month at its fastest rate in more than 22 years. 17Other studies have shown business activity across Asia and the Americas also ground to a halt last month. 18I'm John Russell. 19The Reuters news agency reported on this story. George Grow adapted it for Learning English. Mario Ritter, Jr. was the editor. 20________________________________________________________________ 21Words in This Story 22pandemic - n. when a disease affects a large area and affects a large number of people 23emerge - v. to become known; to rise from; to come into being 24survey - n. questioning a group of people to gather information or their opinions 25sector - n. an economic or political subdivision of a society or country 26lockdown - n. an emergency measure in which people are temporarily prevented from entering or leaving a restricted area because of a danger or health threat 27We want to hear from you. Write to us in the Comments Section.