U.S. records 20.5 million job losses, April 2020

Unemployment

Coronavirus has shocking impact on U.S. jobs

The shocking impact the coronavirus is having on the U.S. economy was laid bare today, Friday 8th May 2020. The release of non-farm payroll data recorded a massive increase of 20.5 million unemployed, climbing dramatically to reach historic levels not witnessed since the World War Two.

Unprecedented

It is clear for all to see the horrifying effect the virus is having on the U.S. economy as historic unprecedented levels of unemployment were revealed, slashing 20.5 million workers from non-farm payrolls and sending the unemployment in to orbit at 14.7%, the U.S. Labour Department reported Friday. The ‘real’ unemployment rate, which includes workers not looking for jobs is thought to be 22.8%.

Virus related deaths in U.S. highest in world

The coronavirus related death toll in the U.S. climbed above 75,000 as states try to re-open in one form or another. The U.S. death toll is the worst in the world with New York being hit hardest.

Dow up

Dow futures climbed before this announcement and climbed again as the data was released and held the gain at around 24200. The index does appear to be under pressure though and may not retain the level.

U.S. – China trade negotiations continue

Fear of the U.S. and China trade war erupting again appears to have receded as talks between the two countries started again. This despite rhetoric from President Trump suggesting the agreement could be sanctioned if China didn’t retain its side of the deal.

Wuhan market had role in virus outbreak according to WHO

The World Health Organisation (WHO) is reported to have said that the coronavirus is highly likely to have originated from bats and that it is investigating further the market in Wuhan, China, widely thought to be the origin.

Other headlines

Canada reports 2 million job losses for in April.

Ireland’s unemployment rate hits a record 28%.

ECB president Lagarde calls for ‘common’ fiscal stimulus response to the coronavirus recession.

UK NHS build second contact coronavirus tracing app in partnership with Google and Apple.

Germany’s export sector contracts.

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