A bleak US jobs report likely portends even deeper losses

 


WASHINGTON (AP) — A grim snapshot of the U.S. job market's sudden collapse emerged Friday with a report that employers shed hundreds of thousands of jobs last month because of the viral outbreak that's brought the economy to a near-standstill.

The loss of 701,000 jobs, reported by the Labor Department, ended nearly a decade of uninterrupted job growth, the longest such streak on record. The unemployment rate surged in March from a 50-year low of 3.5% to 4.4% — the sharpest one-month jump in the jobless rate since 1975.

And that's just a hint of what's to come.

For the April jobs report that wi...



For access to this article please sign in or subscribe.

 

Reader Comments(0)

 
 

Powered by ROAR Online Publication Software from Lions Light Corporation
© Copyright 2024