Unemployment Rate Hits 14.7 Percent

The unemployment rate hit 14.7 percent in April after non-farm payroll fell by 20.5 million throughout the month, reported the U.S. Department of Labor Statistics.

Unemployment rose by 10.3 percent, following several months of record-breaking strong employment numbers. The 20.5 million loss is considered the largest ever in one month in the United States.

Total employment is at 133.4 million, and the employment-population ratio is at 51.3 percent,

Employment in leisure and hospitality plummeted by 7.7 million, 2.5 million jobs were lost in education and health services, while professional and business services shed 2.1 million jobs, as did the retail industry.

Read the full DOL report here.