701,000 Jobs Lost in March due to COVID-19
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Business Insider Reports: The US economy lost 701,000 jobs in March even before the coronavirus shutdown spurred historic unemployment
For the first time since 2018, the US labor market has contracted as a result of the COVID-19 pandemic. The Bureau of Labor Statistics said that last month, the Us lost 701,000 nonfarm payroll jobs last month. Moreover, US unemployment rates have risen to 4.4% - they were 3.5% in February.
This report does not show the extent of COVID19, as the report includes anyone who worked during the week of March 14th, even if they were laid off midweek.
And numerous changes since that week have sent the labor market and overall economy into a deep freeze. On March 16, President Donald Trump recommended strict guidelines to slow the coronavirus' spread that included closing schools, avoiding large groups, avoiding nonessential travel, and staying away from bars and restaurants. Initially, the measures were to last 15 days, but Trump later extended them through April 30.
To read more, check out the article here.
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