Just two months ago, American workers were enjoying the fruits of the lowest unemployment rate in 50 years. But Friday’s jobs report, reflecting April’s official unemployment rate, is expected to show just how thoroughly the economic collapse caused by the coronavirus has eviscerated the U.S. labor market.
Glassdoor economist Daniel Zhao bluntly predicts “the single worst jobs report in history” when the Labor Department on Friday releases employment numbers for April. Forecasters expect the nation’s jobless rate, which was at 4.4% in March, to skyrocket to an annualized unemployment rate of 15% to 20% for the April period, based on a survey of workers during the week of April 12.
