The U.S. lost 701,000 jobs in March, reflecting an early wave of coronavirus layoffs that are now sweeping the nation
The U.S. lost 701,000 jobs in March, breaking a remarkable string of uninterrupted payrolls gains the past decade and revealing just the leading edge of the coronavirus-triggered hurricane that's upending America’s economy and labor market.
That’s because Labor’s survey was conducted the week ending March 14, before most states ordered residents to stay at home and nonessential businesses -- such as restaurants, movie theaters and most stores -- to close.Economists surveyed by Bloomberg estimated that 100,000 jobs were lost last month. Goldman Sachs, however, believes the March tally could signify substantial layoffs as well, noting that some of the 3.3 million Americans filing first-time jobless claims the week ending March 21 likely were let go the previous week. The number unemployed people rose by 1.4 million last month, Friday's report shows.
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U.S. Lost 701,000 Jobs In March; Much Worse To ComeFor the first time in nearly a decade, the U.S. suffered a net loss of jobs — with U.S. employers shedding 701,000 jobs in March. But that survey was conducted 3 weeks ago, so many job losses from coronavirus shutdowns won't appear until the April report.
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