By Ann Saphir
SAN FRANCISCO (Reuters) – The U.S. economy is expected to have shed 22 million jobs in April, tripling the nationwide unemployment rate to 16%, when new government data is published Friday morning.
To put that into perspective, the U.S. economy has never lost more than 2 million jobs in a single month. And although the unemployment rate reached 25% in 1933, it got there much more slowly.
But even these grim estimates, from economists polled by Reuters in recent weeks, don’t capture the staggering impact of the coronavirus pandemic on the workforce in the world’s largest economy.
The unemployment rate is part of a monthly report from the federal government’s Labor Department, showing how many people don’t have jobs as a percentage of the overall American workforce. The “jobs report,” as the release is known, provides two important…