NEW: March jobs report shows loss of 701,000 jobs; unemployment data breaks a record streak of job creation that dates back to 2010.
March's data represents the tip of the iceberg, however, since the survey was conducted in the first half of the month, prior to the pandemic's grip on the economy.
The April jobs report, which will be released May 8, will better illustrate the havoc wreaked by the coronavirus on the economy and the workforce. Some economists are predicting the unemployment number could be as high as 20 million. “April will be a disaster for labor markets,” Michael Gapen, chief U.S. economist at Barclays, told CNBC. “We still have two more weeks, and we’re probably looking at an unemployment rate of more than 10 percent in April."
It's the first time since 2010 that the economy has registered a negative jobs number. By contrast, February's total was 273,000 jobs added., businesses across the country have shuttered, forcing millions of people out of work and pushing up initial jobless claims to a staggering 10 million in the past two weeks.
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