July 1, 2020, Paper, "The economic crisis triggered by the COVID-19 epidemic has led to historic job losses across a range of industries. Nonfarm payroll employment as reported by the Bureau of Labor Statistics (BLS) declined by 20.5 million in April, the largest drop since the start of the series in 1939. Employment fell in all major industries, but losses were particularly dramatic in leisure and hospitality (7.7 million, or 47 percent). These numbers indicate the size of the shock and the reduction in output that will follow from it."