by Wolf Richter, Wolf Street:
Tens of millions of people, many at the lower end of the income scale, lost their jobs. But stocks surge thanks to the Fed’s helicopter money for Wall Street & asset holders.
The total number of employed people collapsed by 22.3 million in April from March, the largest monthly drop in the history of the data series going back to 1948. This left only 133.4 million people still employed, the lowest level since June 1999. This is based on surveys of households by the Bureau of Labor Statistics and includes full-time, part-time, and gig workers: