In April 2020, 23 million workers lost their jobs in response to the COVID-19 pandemic. During April, the unemployment rate peaked at an unprecedented level of 14.7% (in the last 80 years) before declining to a still-elevated level of 6.9% in October. Due to the large amount of uncertainty in the economy, it is estimated that high unemployment will persist in the next few years, despite the significant gains seen in employment since April.

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