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'A Waking Nightmare': Economists React To April Jobs Report On Twitter

One month after the country saw its longest streak of monthly job gains in U.S. history end at 113 months, nonfarm payroll employment fell by 20.5 million jobs in April, the U.S. Bureau of Labor Statistics reported Friday

The unemployment rate is now at 14.7%, an increase of 10.3 percentage points in one month.


Construction employment decreased by 975,000 jobs in April, and retail trade jobs declined by 2.1 million. Retail trade employment reached its peak in January 2017, but the industry has since lost 2.4 million jobs.

After losing 499,000 jobs in March, the leisure and hospitality industry lost almost 7.7 million jobs in April. Food services and drinking places accounted for 5.5 million of those lost jobs, a 46% drop.

Prior to March, the largest-ever one-month drop in the leisure and hospitality industry was 83,000 jobs in August 1989.

Here's how economists and others reacted to the April jobs report on Twitter: