Economy lost over 20 million jobs in April

The national labor market was in freefall in April, according to preliminary figures from the Bureau of Labor Statistics. The national economy lost a net 20.5 million jobs in April on a seasonally-adjusted basis, which followed a decline of nearly 900,000 jobs in March. 

In total, nearly 21.4 million jobs were lost during the last two months. This sets the economy back to its employment level in February 2011.

While restaurants experienced the most job losses in recent weeks, they certainly weren’t alone. Professional and business services (-2.2 million), retail trade (-2.2 million), health care and social assistance (-2.2 million), manufacturing (-1.4 million), construction (-1.0 million) and accommodations (-900,000) were among the other industries to register significant employment declines during the last two months  

 

Track more economic indicators and read more analysis and commentary from the Association's chief economist Bruce Grindy.