US employers have cut a staggering 20.5 million jobs in April amid the COVID-19 pandemic, erasing a decade of job gains since the global financial crisis and pushing the unemployment rate to a record 14.7 per cent, which is the highest level since the Great Depression.

In April, the unemployment rate surged by 10.3 percentage points to 14.7 per cent, the largest over-the-month increase in the history of the series dating back to January 1948, the Bureau of Labour Statistics (BLS) said in a report.