• The nation’s payrolls fell by 20.5 million jobs in April, by far the biggest monthly decline recorded. The previous post-1949 record for most jobs lost before the coronavirus hit came in March 2009, when the economy shed 800,000 jobs.1
  • The unemployment rate shot to 14.7% in April, a post-WWII record. The highest unemployment rate during the last recession was 10.0%, reached in October 2009.1
  • Productivity fell at a 2.5% annual rate during the first quarter,generating a 0.3% increase over the past year. In the past ten years (2010-2019), productivity growth grew at about a third of the rate generated in the prior ten years — a 1.0% average annual rate from 2010-2019, versus a 2.7% average annual rate from 2000-09. Productivity growth is a fundamental driver of improvements in economic standards of living.2
  • The economy shrank at a 4.8% annual rate in the first quarter, its first decline since late 2008. The 7.6% decline in personal consumption expenditures was its biggest drop since the second quarter of 1980.3

Read More  Wells Fargo Keeping Current 5.8.2020

Leave a Reply

Your email address will not be published. Required fields are marked *