Did you know that in April 2020, U.S. nonfarm payroll employment plunged to just 130,426 thousand — the lowest level recorded in modern history?
To put that in perspective, the U.S. economy had been on a steady climb for years. In 2019, average monthly employment stood at nearly 150.9 million jobs. Then, almost overnight, the COVID-19 pandemic wiped out roughly 20 million positions in a single month.
The drop was staggering. Annual average employment fell from about 150.9 million in 2019 to 142.2 million in 2020 — a decline that erased nearly five years of job growth in one year. The economy hadn't seen employment that low since well before 2015.
But here's what makes the story remarkable: the recovery. By 2022, average employment had already surpassed pre-pandemic levels, reaching 152.5 million. And by 2024, it climbed to nearly 157.7 million — adding more than 27 million jobs from that April 2020 low point.
The labor market didn't just bounce back. It came back stronger.
Still, that April 2020 figure remains a stark reminder of how quickly an external shock can reshape the economy. It's the kind of number that belongs in every economics textbook written from here on out.
Source: BLS Nonfarm Payroll Employment (Current Employment Statistics)
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