For 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.
The monthly employment report for March is based on surveys conducted three weeks ago, before the widespread closing of restaurants, retail shops and other businesses began.The monthly employment report for March is based on surveys conducted three weeks ago, before the widespread closing of restaurants, retail shops and other businesses began.For the first time in nearly a decade, the U.S. suffered a net loss of jobs as the coronavirus began to take hold in the country.
"That will only be the tip of the iceberg," said Lydia Boussour, senior U.S. economist at Oxford Economics."We think April will be really the month where you will see the full magnitude of that labor market collapse." She projects that the U.S. will lose as many as 20 million jobs before the pandemic is under control and that unemployment will soar higher than at any time since World War II.
More than 6.6 million Americans applied for unemployment benefits last week alone, 10 times the number who did so during the worst week of the Great Recession.
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