The April employment report was released Friday morning, May 8, and it was not pretty.
The jobless rate spiked to 14.7%, the highest rate since the Great Depression. Almost all the job growth achieved during the 11-year recovery from the Great Recession has now been lost in one month. It was the worst monthly job loss on record.
Investment Advisor Mark Grywacheski got into the numbers Monday, May 11. He explained what will happen to the currently unemployed, if the government mandates continue. In April, 20.5 million jobs were lost across the country. He says this highlights the risks of not opening up the economy.
"The longer we wait, the more of these 20.5 million Americans will have no job to go back to. That job will simply be gone."
Grywacheski says it will take a couple of months for the economy to 'turn the corner.' Your Money with Mark airs between 5 and 5:30 a.m. every Monday on Good Morning Quad Cities.