The April jobs report shows a staggering loss of 20.5 million jobs, which is the largest monthly loss in recorded history. Employment dramatically dropped across almost every industry. The unemployment rate jumped to 14.7 percent, the highest since the Great Depression. The unemployment rate underestimates the amount of slack currently in the labor market. 5.1 million additional workers are now working part-time even though they prefer a full-time job. And the number of people outside the labor force grew by 6.6 million, showing many are currently discouraged to even try to find a job. Over the coming months, we should expect participation to increase again as the economy begins to open up.

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