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A retail store closed due to COVID-19 shutdowns. (Photo: Paul Morris/Bloomberg) A retail store closed due to COVID-19 shutdowns. (Photo: Paul Morris/Bloomberg)

The U.S. unemployment rate surged in April to 14.7%, the highest rate since January 1948, and more than three times the rate a month earlier, according to the Bureau of Labor Statistics.

The number of unemployed swelled to 23.1 million, up 45% from the number in March.

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