April 2020 Economic Report

The April 2020 Economic Report shows clearly the devastating economic impact of the global COVID-19 pandemic. The national unemployment rate has not been as high as 14.7% since the Great Depression. Approximately 20.5 million people lost their job, ending a decade of steady job growth. 

This sudden and unexpected contraction in the economy has negatively impacted the Leisure and Hospitality, Education and Health Services and Professional and Business Services sectors in particular.

The information for this report was developed using data from the U.S. Bureau of Labor Statistics, U.S. Census Bureau, Yahoo Finance, National Bureau of Economic Research and FedPrimeRate.com. Below the report, check out the Amtec Tip of the Month about preparing for an interview.

Amtec Tip of the Month

As a candidate, preparing for an interview is an important step in the process of getting a job. One key to preparing is not to memorize or rehearse an exact answer. A scripted response will probably come across as insincere. The best way to approach an interview is to define several clear key qualities about yourself that you want to convey and be ready to share a few personal stories or situations that demonstrate those qualities. Read more about preparing to answer behavioral interview questions here.

Additional Information

If you’re unable to view our April 2020 Economic Report or would like additional information, read below:

COVID-19: The changes in these measures reflect the effects of the coronavirus pandemic and efforts to contain it. The household survey response rate, at 70%, was about 13% lower than in months prior to the pandemic. The collection rate for the establishment survey was 74.9%, essentially unchanged from collection rates prior to the pandemic.

• The unemployment rate rose by 10.3% to 14.7% in April. This is the highest rate since the Great Depression which peaked at 25.6% unemployment.

• Total employment decreased by 20.5 million in April after falling by 870,000 in March. This is the largest over-the-month decline in the history of this series of data. (1938)

• Leisure and Hospitality lost 7.7 million jobs.
  • 5.5 million jobs lost in food services and drinking places

• Education and Health Services lost 2.5 million jobs.
  • 1.4 million jobs lost in health care
  • 651,000 jobs lost in social assistance
  • 457,000 jobs lost in private education

• Professional and Business Services lost 2.1 million jobs.
  • 842,000 jobs lost in temporary help services
  • 259,000 jobs lost in services to buildings and dwellings

• Retail Trade lost 2.1 million jobs.
  • 740,000 jobs lost in clothing and clothing accessories stores
  • 345,000 jobs lost in motor vehicle and parts dealers
  • 93,000 jobs added in warehouse clubs and supercenters

• Manufacturing lost 1.3 million jobs.
  • 914,000 jobs lost in durable goods manufacturing
    • 382,000 jobs lost in motor vehicles and parts
  • 416,000 jobs lost in nondurable goods manufacturing

• Other services lost 1.3 million jobs.
  • 797,000 jobs lost in personal and laundry services

• The federal government lost 980,000 jobs.
  • 801,000 jobs lost in local government partly due to school closures

• Average hourly earnings for all employees rose by $1.34 to $30.01. This increase is largely due to the loss of lower-paid workers.

Note: Data below represents changes from different months.

• Job openings dropped 1.85% in February to 6.9 million openings.

• Dow Jones rebounded 14.7% in April after a record-breaking low in March.

• Housing starts dropped by a massive 22.3% to 1.2 million in March.

• Consumer price index dropped 0.4% in March.

• Federal prime rate remained at 3.25% in April after dropping from 4.25% in March.

• Retail inventories dropped 0.31% in February at $662 billion.

• Manufacturing hours worked per week dropped 5.2% to an average of 38.3 hours in April.

• Manufacturing new orders dropped by 10.3% to $446 billion in March.