UPDATED 8:14 AM PT — Friday, May 8, 2020
The monthly jobs report for April showed the U.S. lost 20.5 million jobs. The Labor Department released the data Friday.
The unemployment rate soared to 14.7 percent, which is the worst since the Great Depression. The numbers were lower than economists expectations of 21.5 million unemployed Americans and a rate of 16 percent.
Nonetheless, both rates were worse than jobless records following World War II. President Trump commented on the job losses in an interview Friday and called it “unacceptable.”
“As president, we had the strongest economy in the history of the world, the strongest economy we’ve ever had, and we had to close it which is artificial,” he stated. “We artificially closed it, those jobs will all be back and they’ll be back very soon….people are ready to go.”
Lost your job? Get answers about your health coverage options and retirement benefit protections: https://t.co/LjYlwuSC4f
— US Labor Department (@USDOL) May 8, 2020
The new data brings the total amount of unemployed U.S. citizens to about 23.1 million, which is nearly 16 million more since March.
Top White House economic adviser Larry Kudlow said he expects April’s unemployment numbers will only be temporary. While speaking to reporters Friday, he acknowledged the high rate of job losses is heartbreaking, but stressed that the U.S. is now in its reopening phase.
Kudlow said economic analysis showed that when businesses start to get back up and running, many people will start to return to work. This will contribute to three-fourths of Friday’s numbers just momentary amid the coronavirus lockdowns.
Kudlow added that as May and June become transition months for the country, there will likely be a good economic growth rebound.