US payrolls fall 701 000 in March ahead of surge in layoffs | Fin24
 
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US payrolls fall 701 000 in March ahead of surge in layoffs

Apr 03 2020 14:49
Reade Pickert

US employment plummeted last month in the first decline since 2010, offering an initial look at the widespread devastation the coronavirus pandemic has already begun to wreak on the once-strong labor market.

Payrolls fell 701 000 from the prior month - compared with the median forecast of economists for a 100 000 decline - according to Labor Department data Friday that mainly cover the early part of March, even before government-mandated shutdowns forced firms to lay off millions more workers.

The jobless rate jumped to 4.4% from a half-century low of 3.5%, and is expected to surge above 10% in the coming months.

coronavirus  |  covid-19
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