The month of March brought a screeching halt to America’s historic, 113-month-streak of steady job growth. Numbers from the Labor Department show companies shed more than 700,000 jobs
FILE PHOTO: People walk on a temporarily closed section of the Grand Concourse during the outbreak of the coronavirus disease in the Bronx borough of New York City, New York, U.S., April 2, 2020. REUTERS/Brendan Mcdermid
“In addition, data collection for the two surveys was affected by the coronavirus. Although response rates for both surveys were adversely affected by pandemic-related issues, we still were able to obtain estimates from our two surveys that met BLS standards for accuracy and reliability.” The report could sharpen criticism of the Trump administration’s handling of the public health crisis, with President Donald Trump himself facing criticism for playing down the threat of the pandemic in its initial phases. Already, data has shown a record 10 million Americans filed claims for unemployment benefits in the last two weeks of March.
The unemployment rate rose to 4.4% in March from 3.5% in February. With the ranks of the unemployed ballooning, economists say the jobless rate could top 10% in April. Mounting job losses spell disaster for gross domestic product, and economists say the government and the Federal Reserve will need to provide additional stimulus.
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