TBI 5

Estimates for April’s change in non-farm payrolls and unemployment rate each spanned a wide range, as economists grappled with gauging the damage as businesses across the country laid off and furloughed workers at a historic rate. At 20.5 million, the actual decline in payrolls for the month was by far the worst on record, according to government monthly payrolls data spanning back to 1939. The worst fall in payrolls amid the global financial crisis was by 800,000 in March 2009. April’s decline follows March’s downwardly revised payrolls drop of 870,000, which captured just the very start of the nationwide lockdowns and business closures, since the Labor Department uses the week of the 12th for its reference period. The unemployment rate surged to 14.7% in April, the highest on reco