The US economy lost 701,000 jobs in March – the worst ratio since 2009

The US economy lost more jobs than it gained for the first time in a decade. In March, the economy lost 701,000 jobs, according to the Bureau of Labor Statistics.

It was the first time the economy had lost jobs in a month since September 2010. Last month was the worst for U.S. jobs since March 2009.

The unemployment rate rises to 4.4% and this was the highest unemployment rate since August 2017.

The labor market study ends in the middle of the month, so the March report has not yet calculated the worst effects of coronavirus on the economy, including many of the home stay orders across the country.

In the second half of last month, nearly 10 million Americans filed for unemployment benefits for the first time after the blast forced businesses to close and people to stay home.

This development will be reflected in the labor report in April, which will come on May 8. The Congressional Budget Office expects the unemployment rate to rise 10% in the second quarter, CNN reported.

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