Covid-19 impact: United States loses over 700000 jobs in March

  • Covid-19 impact: United States loses over 700000 jobs in March

Covid-19 impact: United States loses over 700000 jobs in March

The unemployment rate for "Gulf War-era II", or post-9/11 veterans, usually the hardest hit by economic downturns, was also 4.1%, the Labor Department's Bureau of Labor Statistics said. The number of Americans filing claims for unemployment benefits has now broken records for two weeks in a row with more people seeking assistance than at any point in the last recession.

According to a USA Today report, that's because Labor's survey was conducted the week ending March 14, before most states ordered residents to stay at home and nonessential businesses - such as restaurants, movie theaters and most stores - to close.

"This is bad but unfortunately it's nothing compared to what's coming in April", said Ian Shepherdson of Pantheon Macroeconomics, who predicts a jobless rate of 12 to 14 percent next month.

We can not precisely quantify the effects of the pandemic on the job market in March. However, it is clear that the decrease in employment and hours and the increase in unemployment can be ascribed to the effects of the illness and efforts to contain the virus.

And the pain was felt across all groups, with unemployment for adult men and women each rising to 4.0 percent, while the jobless rate for African Americans jumped to 6.7 percent.

The question isn't whether that jobless rate will keep climbing, but how high it will go. The decline in payrolls has become the first since September 2010.

That means that as bad as this jobs report is, the next one is going to be a doozy.

"However, according to usual practice, the data from the household survey are accepted as they were recorded". It will likely report a higher unemployment rate. These newly unemployed shouldn't have shown up in such large numbers in the March figures.

The US Labor Department on Thursday revealed that another 6.6 million workers filed jobless claims last week.

"White collar jobs are not safe from this", Zhao was quoted as saying.

Experts expected only 100,000 jobs lost last month.

With their commanders' permission, soldiers will be allowed the option of extending their service by three to 11 months, the Army said in statements March 28.

On March 20, in anticipation of a spike in unemployment rates, the Navy began offering six- to 12-month extensions to sailors planning to retire or leave the service.

Ahead of this morning's jobs report, most projections said the data would be misleading.

"We just don't know what the reason for that is" based on the preliminary data, he said.

The treasury secretary, Steve Mnuchin, and others have speculated unemployment could rise to 30% in the coming months with economists worrying that the USA now faces a recession of a depth unseen since the Great Depression of the 1930s unless a solution is found that will allow people to go back to work.