Record 20.5M jobs lost in April as unemployment rate jumps to 14.7%

The U.S. economy shed a record 20.5 million payrolls in April and the unemployment rate jumped to 14.7%, as the coronavirus pandemic forced businesses across the country to temporarily shut down and lay off or furlough workers. Payden & Rygel Chief Economist Jeffrey Cleveland joins Yahoo Finance’s Zack Guzman to discuss.