US unemployment has surged to 14.7 per cent, its highest level since the second world war, as the coronavirus pandemic led 20.5m Americans to lose their jobs in April in a painful blow to the world’s largest economy.
The grim picture of the US labour market in the midst of lockdowns and restrictions that have choked off economic activity will heighten concerns that any rebound from the suddenly deep recession could take longer than expected just a few weeks ago.
It will also raise pressure on US government authorities, from the White House to Congress and the Federal Reserve, to consider larger and more lasting stimulus measures to support the economy.
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