U.S. Lose more Jobs in March; Recession is Approaching Due to Coronavirus
The U.S. economic system shed more jobs in March, vaguely ending a historic 113 straight months of employment growth as strict measures to curtail the coronavirus pandemic shuttered businesses and factories, confirming a recession is approaching.
The Labor Division’s closely watched employment report Friday won’t fully replicate the economic carnage being inflected by the contagious virus. The government surveyed companies and households for the report in mid-March, before a big section of the population was under some a lockdown, throwing millions out of labor.
Friday’s report could sharpen ire of the Trump administration’s handling of the public health crisis, with President Trump himself dealing with criticism for playing down the specter of the pandemic in its initial phases. Already, data has proven a record 10 million Americans filed claims for jobless benefits in the last two weeks of March.
The U.S. has the highest figure of confirmed cases of COVID-19, the respiratory sickness caused by the virus, with over 214,000 folks infected. Practically 5,000 people in the nation have died from the illness.
Based on a survey of economists, nonfarm payrolls probably contracted by 100,000 jobs in March, snapping a record streak of employment gains dating back to October 2010. Payrolls rose by 273,000 jobs in February.
With jobless claims, the most timely sign of labor market well-being, breaking records over the past few of weeks and a majority of Americans now under remain-at-home or shelter-in-place orders, Oxford Economics is predicting payrolls could drop by a minimum of 20 million jobs in April, which might blow away the record 800,000 drop in March 2009.