These 7 charts show how brutal the March jobs report was, and signal further economic pain ahead
The March jobs report released Friday showed that the early impact of the coronavirus pandemic was much worse than economists expected, signaling further damage to the US economy ahead.
The US economy lost 701,000 jobs in March, according to the Labor Department’s report out Friday. That was much steeper than the 100,000 loss consensus estimate from economists. The unemployment rate jumped to 4.4% from 3.5% in February.
“These numbers were quite a gut punch,” Martha Gimbel, an economist at Schmidt Futures, told Business Insider. “What the report tells you is that the economic pain started even earlier than people thought it did.”
Friday’s report is backward looking, as it only includes data through March 14. That means it leaves out the last two weeks of the month when 10 million Americans filed for unemployment insurance as strict social distancing guidelines to curb the spread of coronavirus were ramped up across the country, fueling layoffs.