NEW: March jobs report shows loss of 701,000 jobs; unemployment data breaks a record streak of job creation that dates back to 2010.
Since the jobs data is always backward-looking, economists prefer to look at longer time periods — such as the three-month average — to spot trends. However, the economy has undergone a head-spinning pivot in a matter of weeks.
While March's number far outpaced expectations of 100,000 jobs lost, economists and market participants are in agreement that the April jobs report, which will be released May 8, will better illustrate the havoc wreaked by the coronavirus on the workforce. Some economists are predicting the unemployment number could be as high as 20 million.
“April will be a disaster for labor markets,” Michael Gapen, chief U.S. economist at Barclays, told CNBC. “We still have two more weeks, and we’re probably looking at an unemployment rate of more than 10 percent in April."
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