Find all the episodes from this season here. And past seasons here. And follow along on TikTok here for video Summer School.

When we last left the United States of America in our economic telling of history, it was the early 1900s and the country's leaders were starting to feel like they had the economic situation all figured out. Flash forward a decade or so, and the financial picture was still looking pretty good as America emerged from the first World War.

But then, everything came crashing down with the stock market collapse of 1929. Businesses closed, banks collapsed, one in four people was unemployed, families couldn't make rent, the economy was broken. And this was happening all over the world. Today we'll look at how leaders around the globe intervened to turn the international economy around, and in the process, how the Great Depression rapidly transformed the relationship between government and business forever.

This series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina.

Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.

Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

National Bureau of Economic Research

The Labor Department said Friday that 20.5 million jobs vanished in April in the worst monthly loss on record, triggered by coast-to-coast shutdowns of factories, stores, offices and other businesses

US employers have cut a staggering 20.5 million jobs in April amid the COVID-19 pandemic, erasing a decade of job gains since the global financial crisis and pushing the unemployment rate to a record 14.7 per cent, which is the highest level since the Great Depression.

In April, the unemployment rate surged by 10.3 percentage points to 14.7 per cent, the largest over-the-month increase in the history of the series dating back to January 1948, the Bureau of Labour Statistics (BLS) said in a report.

Since mid-March, numerous US states have rolled out "stay-at-home" policies and shut down non-essential businesses in a bid to slow the spread of the virus, leading companies to cut millions of jobs in weeks.

Employment in leisure and hospitality plummeted by 7.7 million, or 47 per cent, the report showed. The manufacturing sector shed 1.3 million workers, and employment in retail trade was down 2.1 million jobs.

The education and health sector lost 2.5 million jobs. Government employment also dropped by 9,80,000 in April, according to the bureau. Hispanics and African-Americans have been hit the hardest in the job crisis, said the BLS report. President Donald Trump said that with the reopening of the economy, lost jobs will come back.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

With all that's going on in the world right now, we wondered what life experience and family history might be able to tell us. As part of KRCC's Shortening the Distance project, producer Shanna Lewis got in touch with historian Carolyn Newman. She's 88 years old and has lived in the same house in Walsenburg for 60 years.

Two weeks ago, Congress passed a two-trillion-dollar stimulus bill aimed at mitigating the damage the coronavirus is doing to the American economy. With the stock market flagging and unemployment reaching historic highs, further government intervention will almost certainly be needed to stave off financial devastation. But even as COVID-19 cases quickly rise around the country, President Trump says that business should return to normal this spring. John Cassidy joins Dorothy Wickenden to discuss the dangers of Trumponomics, lessons from other nations about how to respond to pandemics, and how to put American back to work without precipitating a rebound of the virus.

NPR's Scott Simon talks with economist William Rodgers about the spiraling U.S. job losses due to the pandemic. The unemployment rate is now the worst since the Great Depression.

The Federal Writers' Project, established by President Roosevelt in July 1935 as part of the New Deal, provided jobs for out-of-work writers during the Great Depression. Australian authors Jeff Sparrow and James Bradley discuss whether a similar literary stimulus package could work today.

U.S. Unemployment Reaches 14.7 Percent – Chart from Great Depression Shows Risks Ahead

By Pam Martens and Russ Martens: May 8, 2020 ~   The data is out this morning and it’s not pretty. Nonfarm payrolls collapsed by 20.5 million jobs in April and the unemployment rate rose to 14.7 percent. The United States is now seeing the worst unemployment rates since the Great Depression. We prepared the above chart from data available at the Federal Reserve Economic Data (FRED) archives at the Federal Reserve Bank of St. Louis. Following the stock market crash of October 29, 1929, it was not until August 1931 that the unemployment rate reached 15.01 percent. We’re now at 14.7 percent unemployment from a rate of 3.5 percent just two months ago in February. Consider using the chart above to figure out just how much cash on hand you need to maintain.

-

The U.S. unemployment rate suffered its worst monthly loss on record, hitting a startling 14.7% in April as the coronavirus pandemic and the drastic efforts to contain it forced employers to slash more than 20 million jobs.

The U.S. unemployment rate suffered its worst monthly loss on record, hitting a startling 14.7% in April as the coronavirus pandemic and the drastic efforts to contain it forced employers to slash more than 20 million jobs.

The Meadowbank Stadium was one of the shabbier landmarks in east Edinburgh until it was knocked down last year. A new one is rising from the ashes, looking like one of those massive cruise liners that appear in the Forth.

The US Bureau of Labor Statistics (BLS) reported on Friday that the coronavirus shutdown has slashed a record number of jobs from nonfarm payrolls, sending the unemployment rate to record highs.
Read Full Article at RT.com

President Donald Trump says he resuscitated Barack Obama’s gasping economy and proceeded to build it to its strongest in generations. Now as record job losses mount across the country, the decline will bear his name in history as well.And those losses come just six months before the election.Presidents of both parties take credit for the economy when it’s roaring and are usually blamed when it fails, regardless of the circumstances of the downturn. An unemployment rate for April of 14.7 per…

ISLAMABAD: The US unemployment rate hit 14.7 percent in April, the highest rate since the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record. The figures are stark evidence of the damage the coronavirus has done to a now-shattered economy.The losses, reported by...

The latest figures from the Labor Department released on Friday showed the U.S. economy losing 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression. Colette Luke has more.

The latest figures from the Labor Department released on Friday showed the U.S. economy losing 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression. Colette Luke has more.

The U.S. economy likely lost a staggering 22 million jobs in April, in what would be the steepest plunge in payrolls since the Great Depression and the starkest sign yet of how the novel coronavirus pandemic is battering the world's biggest economy.

The U.S. economy lost a staggering 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression, laying bare both the economic and human tragedy wrought by the novel coronavirus pandemic.

Some 26 million people in the US have filed for unemployment benefits in five weeks since with the coronavirus outbreak forcing employers to close their doors.

Europeans will see the worst economic shock since the Great Depression due to coronavirus, the European Union predicted.

The U.S. unemployment rate hit 14.7 per cent in April, the highest rate since the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record. The figures are stark evidence of the damage the coronavirus has done to a now-shattered economy.

Reserve Bank governor Philip Lowe warns Australia's unemployment rate is likely to hit 10 per cent by June, and even though Australia will recover, the coronavirus emergency "will cast a shadow over our economy for some time to come".

A pioneer of peak oil community action sits down to talk with her mother about a previous crisis and how she survived it.

The U.S. shed a record number of jobs in April, Trump's personal valet tests positive for virus: This weeks news recap and our best reads.

The US and Europe have taken different approaches to tackling pandemic-induced unemployment but which is best long term?

In two, terrible, months the coronavirus pandemic has driven unemployment in the US to levels unseen since the 1930s Great Depression. Did it have to be this way?

Covid-19 has cost more than 33 million Americans their jobs in the last seven weeks – 10% of the entire US population. The official unemployment rate had shot up from 4.4% to 14.7% on Friday – a figure that probably wildly underestimates the true scale of job losses.

The U.S. unemployment rate hit 14.7% in April, the highest rate since the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record. The figures are stark evidence of the damage the coronavirus has done to a now-shattered economy.

Unemployment rate rose to 14.7% from just 4.4% in March as the coronavirus pandemic shuttered the global economy

• Coronavirus – live US updates
• Live global updates

More than 20 million people in the US lost their jobs in April and the unemployment rate more than trebled as the coronavirus pandemic shuttered the world’s largest economy, triggering a financial crisis unseen since the Great Depression.

The Department of Labor announced Friday that the US unemployment rate rose to 14.7% from just 4.4% in March and a near 50-year low of 3.5% in February before the US was hit by the virus.

Pandemic's economic impact compared with historic crises of 1930s and 2008

DOMINIC SANDBROOK: Even optimists admit that some businesses will not be replaced. Not every neighbourhood restaurant will reopen. Not every furloughed worker will stroll back into a job.

Digital Finance Analytics principal Martin North said that in a 'worst case' scenario, unemployment could surge to 14 per cent to levels unseen in Australia since the early 1930s Great Depression.

Scott Morrison choked back tears during a press conference about coronavirus as he spoke about his grandmother's experience living through the Great Depression.

David Blanchflower, who was part of the Bank during the 2008 financial crisis, said unemployment is rising at the fastest rate in living memory as job losses mount around the world and in the UK.

DOMINIC SANDBROOK: Even optimists admit that some businesses will not be replaced. Not every neighbourhood restaurant will reopen. Not every furloughed worker will stroll back into a job.

Joseph Stiglitz delivered the harsh criticism of Trump's handling of the crisis as he described how millions of Americans were turning to food banks.

In the villages, we demolish their lives, and in the city their homes. The smug indifference of the elite is matched by the governments they do not vote in, but control. P Sainath contrasts the tongue-lolling coverage of the Beautiful People with the studied indifference to the plight of millions.

“As I watch the numbers, it’s like OK, are we going to make it back by the end of May?" Egert asked. "Is it going to be the first of June? Is it going to be mid-June?”

The latest figures from the Labor Department released on Friday showed the U.S. economy losing 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression. Colette Luke has more.

The latest figures from the Labor Department released on Friday showed the U.S. economy losing 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression. Colette Luke has more.

Dewey Library - HB3717 1819.B76 2019

The unemployment rate of 14.7 per cent is the highest rate since the Great Depression, The Washington Post reported.

As companies have laid off tens of millions, lives have been upended across the country.

The figures are stark evidence of the damage the coronavirus has done to a now-shattered economy