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Economy

US unemployment rises to 14.7% in April

Coronavirus deals job losses of 20.5m in worst plunge since Great Depression

The U.S. lost 20.5 million jobs in April, highlighting the devastation brought on by the coronavirus.   © Reuters

WASHINGTON (Reuters) -- The U.S. economy lost a staggering 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression and the starkest sign yet of how the novel coronavirus pandemic is battering the world's biggest economy.

The Labor Department's closely watched monthly employment report on Friday also showed the unemployment rate surging to 14.7% last month, shattering the post-World War Two record of 10.8% touched in November 1982.

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