Here are the industries suffering the biggest job losses in an initial look at coronavirus impact
Droves of layoffs at restaurants and bars made March 2020 one of the worst months for U.S. employment in the modern era.
The Labor Department reported Friday that payrolls plunged by 701,000, marking the first decline since 2010 and the worst fall since March 2009. The unemployment rate jumped nearly a full percentage point to 4.4% from 3.5%.
The report fails to capture the full damage from the virus so far. The Bureau of Labor Statistics used as its reference period the week ending March 12, which came just as states began their shutdowns. The April jobs report will show deeper and more widespread industry losses.
Among the hardest-hit areas of the economy was accommodation and food services sector, which comprised more than half of the month’s net losses. Businesses that prepare meals, snacks and beverages for customers for either on-premise (sit-down restaurants and bars) or off-premise (delivery …continued .
[Source: CNBC News]