Highest unemployment jump since 1975.
The Labor Department released its job report last week Friday, highlighting the massive effect on the economy that the ongoing COVID-19 pandemic has caused. According to the report, over 700,000 jobs have been lost since the start of March. The unemployment rate rose across the country to 4.4% – the highest one month jump since 1975.
It is expected that as many as 20 million job losses could occur by the end of April. That level of job loss would be 15%, and the highest since the 1930s. The primary areas of losses have been within the leisure and hospitality industries, as well as education and health services. The effects of the recently passed stimulus package have yet to be seen as money is expected to be deposited in some accounts this week.
As the Lord Leads, Pray with Us…
- That God would give the Labor Department discernment to accurately report the status of the economy.
- For the White House to be guided by the Lord on how to bring an end to the pandemic.
- That God would bring healing to those affected by COVID-19
Sources: AP, Labor Department
