05262020Tue
Last updateTue, 26 May 2020 2pm

Manufacturing & The Economy

U.S. Sheds 20.5 Million Jobs in April, Unemployment Rate 14.7%

Total nonfarm payroll employment fell by 20.5 million in April, and the unemployment rate rose to 14.7%, the U.S. Department of Labor reported. The changes in these measures reflect the effects of the coronavirus (COVID-19) pandemic and efforts to contain it. Employment fell sharply in all major industry sectors, with particularly heavy job losses in leisure and hospitality.

In April, manufacturing employment dropped by 1.3 million. About two-thirds of the decline was in durable goods manufacturing (-914,000), which saw losses in motor vehicles and parts (-382,000) and in fabricated metal products (-109,000).

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