May 8 (UPI) -- The United States economy shed more than 20 million jobs last month, the greatest month-to-month decline in history, the Labor Department said Friday in its monthly employment analysis.
The department said the job market for April declined by 20.5 million positions across all major sectors, particularly in leisure and hospitality -- which shed 7.7 million positions, or almost half of the entire industry.
The report detailed about 2 million lost jobs in the retail sector, 1.3 million in manufacturing and 1.4 million in heathcare, where elective and non-essential work has been suspended.
"The changes in these measures reflect the effects of the coronavirus pandemic and efforts to contain it," the report states.
Unemployment rose to nearly 15 percent, the department said, a 10.3 percent increase over March. Just three months ago, the rate was 3.5 percent, the lowest in a half-century.
Most economists predicted U.S. jobs to decline by about 22 million in April and unemployment at 15.2 percent. A month ago, the department reported just 700,000 job losses for March, but analysts expected April's to be a better economic reflection of the coronavirus impact.
The underemployment rate, which includes counts "discouraged workers" and part-timers who want full-time employment, surged from less than 9 percent in March to 23 percent in April.
The labor force participation rate fell to 60.2 percent, the lowest since 1973 -- and among men 25 to 54 it fell to an all-time low of 86.4 percent.
Women and minorities were most affected by job cuts last month. Unemployment among women climbed to 15.5 percent and for Hispanics and Latinos it was nearly 19 percent. The rate was 16.7 percent among black Americans, compared with 14.2 percent for whites.
Friday's report came one day after the department said 3.2 million more U.S. workers filed new unemployment claims last week. More than 33 million Americans have now lost their jobs over the past few weeks, the quickest seven-week jobless spike in history. What's more, that figure is a low estimate -- as not all of the newly unemployed have filed for benefits, whether it's due to their job conditions or overwhelmed filing systems in some states.
In its payroll report Wednesday, ADP and Moody's Analytics said 20.2 million jobs were lost in April -- most in the leisure and hospitality industry.
"I think the real number is around 23 or 24 percent," Minneapolis Federal Reserve Bank President Neel Kashkari told NBC's Today on Thursday. "It's devastating."
Kashkari said he expects "a long, gradual recovery."
"The sharp rise in layoffs over the last seven weeks has crushed the labor market, consumer confidence and retail spending," added Robert Hughes of the American Institute for Economic Research. "Expect extraordinarily weak economic reports over the next several months."
There have been signs for optimism, however. U.S. stocks have performed well in recent weeks and advancements in finding a coronavirus vaccine have led some experts to predict a quicker economic rebound than originally anticipated.
Stay-home orders draw demonstrations across U.S.
Protesters rally urging the reopening of California at the Capitol in Sacramento on May 1. Photo by Terry Schmitt/UPI | License Photo
Thousands showed up to urge an end to "shelter in place" because of coronavirus, social distancing, closure of non-essential businesses and to campaign for President Donald Trump in Sacramento. Photo by Terry Schmitt/UPI | License Photo
California Highway Patrol officers tussle with demonstrators at the Capitol in Sacramento. Photo by Terry Schmitt/UPI | License Photo
A demonstrator wears an American flag bandanna. Photo by Terry Schmitt/UPI | License Photo
A child holds a sign at Sacramento's demonstration. Photo by Terry Schmitt/UPI | License Photo
Demonstrators rally in Sacramento. Photo by Terry Schmitt/UPI | License Photo
A demonstrator holds American flags during the protest. Photo by Terry Schmitt/UPI | License Photo
Demonstrators for opening the state up visit the Capitol in Sacramento. Photo by Terry Schmitt/UPI | License Photo
Protesters rally against Ohio's restrictions on public gatherings ahead of Gov. Mike DeWine's press briefing on Friday. Photo by Aaron Josefczyk/UPI | License Photo
Some protesters carried flags, signs and guns while encouraging the reopening of the state. Photo by Aaron Josefczyk/UPI | License Photo
Protesters have been gathering for more than three weeks against the stay-at-home orders. Photo by Aaron Josefczyk/UPI | License Photo
A protester stands on the side of a street to demonstrate. Photo by Aaron Josefczyk/UPI | License Photo
Some demonstrators say they are voicing frustrations of small business owners forced to close due to the restrictions. Photo by Aaron Josefczyk/UPI | License Photo
A protester holds a sign reading "without freedom, there is no safety." Photo by Aaron Josefczyk/UPI | License Photo
DeWine said the protests were permitted under his executive order due to First Amendment protections for free speech. Photo by Aaron Josefczyk/UPI | License Photo
Protesters changed, "Reopen Ohio." Photo by Aaron Josefczyk/UPI | License Photo
DeWine stated he respects the protesters' right to gather but urged them to keep a safe distance from each other. Photo by Aaron Josefczyk/UPI | License Photo
Protesters said their constitutional rights are being violated by the orders. Photo by Aaron Josefczyk/UPI | License Photo
A protester stands on the side of a street to demonstrate against Ohio's restrictions. Photo by Aaron Josefczyk/UPI | License Photo
The governor said that the state has "reached a new stage," but "it doesn’t mean the virus has gone away." Photo by Aaron Josefczyk/UPI | License Photo
In Washington, D.C. on Friday, activists participate in a car rally for workers' rights during the pandemic near the National Mall. The group ShutdownDC supports front-line workers, asking the district to stay "closed" and not rush to open. Photo by Kevin Dietsch/UPI | License Photo
An activist decorates ar car prior to the protest. Photo by Kevin Dietsch/UPI | License Photo
The group ShutdownDC supports front-line workers, asking the district to stay "closed" and not rush to open. Photo by Kevin Dietsch/UPI | License Photo
Truckers park their cabs on Constitution Avenue, near the White House, as they hold a protest over low rates amid the pandemic. Photo by Kevin Dietsch/UPI | License Photo
In New York, a protester puts up her middle finger at police officers at a "Rally To Free New York." Photo by John Angelillo/UPI | License Photo
A protester argues with NYPD officers. Photo by John Angelillo/UPI | License Photo
The rally was also planned to take place in other New York cities on Friday. Photo by John Angelillo/UPI | License Photo
A man wears a protective face mask at the rally. Photo by John Angelillo/UPI | License Photo
Protesters were encouraged to wear red, white and blue -- and to maintain social distancing. Photo by John Angelillo/UPI | License Photo
New York officials said some streets will be reopened on Monday, though schools will be closed for the remainder of the year. Photo by John Angelillo/UPI | License Photo
