U.S. | Pandemic wipes out decade of job gains

Summary

With 30M people filing for unemployment insurance since March 21st, the precipitous drop in nonfarm payrolls of 20.5M was not a surprise. However, the drop in employment over the past two months has all but erased the job gains since February 2011.

Key points

• Key points:
• The labor force participation rate decreased to 60.2% while the employment-to-population fell to 51.3%
• In terms of the industry impact, retail trade (-2.1M), healthcare and social assistance (-2.1M) and leisure and hospitality (-7.7M) lost a combined 11.8M jobs, or around 58% of the total job losses

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