U.S. Economy Makes Progress Amid COVID-19 Pandemic, Adding 916,000 Jobs in March

In response to COVID-19, the United States had to implement measures to slow the spread of the virus such as social distancing and a partial economic shutdown, actions which have had a major impact on the U.S. economy, including people’s livelihoods and jobs. The immediate effects that the pandemic has had on the U.S. labor market have been evident in both the unemployment rate and payroll employment numbers. In the early months of the pandemic, the unemployment rate soared, peaking at 14.7% in April 2020, the highest point since the Great Depression. More than 20 million jobs were lost in April as well, which was a record number of jobs lost in a period of one month.

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