The US Bureau of Labor Statistics will release its official jobs report for April 2020 at 8:30 a.m. ET today, and it is expected to show devastation in the US labor force, with record-high job losses and unemployment on par with the Great Depression.
Record jobs drop expected: Economists polled by Refinitiv expect the US economy to shed 21.85 million jobs in April, by far the largest number on record. The US government's monthly jobs data dates back to 1939.
Combined with job losses in March, April's layoffs would wipe out all jobs gained over the past decade.
Some historical context: Economists polled by Refinitiv also expect the unemployment rate to soar to 16%, the highest rate since the BLS started tracking monthly unemployment numbers in 1948.
That's a level of joblessness not seen since the Great Depression in the 1930s, for which the BLS estimates annual data. Government economists estimate the unemployment rate peaked at 24.9% in 1933.
How we got here: The Covid-19 outbreak has torn through America over the past two months. People began working from home where possible in the second half of March, as businesses closed and schools suspended in-person teaching. As the lockdown dragged on, companies laid off and furloughed their staff.