US non-farm payroll dropped -20.5m, unemployment rate jumped to 14.7%

US non-farm payroll employment dropped by -20.5m in April. The over-the-month decline is that largest on record since 1939. Employment dropped to the lowest level since February 2011.

Unemployment rate surged to 14.7%. This is the highest rate and largest over-the month increase in history of the series started back in January 1948. Labor force participation rate also dropped by -2.5% to 60.2%, lowest since January 1973.

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