Some two-thirds of the drop came in the hospitality industry, particularly bars and restaurants forced to close during the economic shutdown.
Those higher unemployment rates come amid a tumble in the labor force participation rate to 62.7%, a 0.7 percentage point fall and the lowest since August 2018 for a number that had been gradually rising. "Today's numbers are shockingly bad and an understatement of the damage already done to the U.S. economy," said Nick Bunker, economic research director at job search site Indeed. "If this is an indication of what was happening before the full force of the crisis hit, then it will be hard to come up with the words to describe the numbers in future months."
"My sense is that when we get April data a month from now, we'll see that the economy lost somewhere between 10 and 15 million jobs," Mark Zandi, chief economist at Moody's Analytics, said earlier this week. "That would be consistent with the initial claims for unemployment insurance data that we're getting."
Workers who reported being on temporary layoff more than doubled to 1.8 million, while those who said they were jobless for less than five weeks surged 75% to 1.5 million. The ranks of permanent job losers grew by 177,000 to 1.5 million.
RECOVERY!? The worst is about to happen....
Please re-tweet this so we can abolish the FED NewYorkFed and return to free market capitalism
That’s totally opposite from flatten the curve. A flatter curve takes longer. Nothing quick about it.
Stimulus package should be going to those who actually need it and have lost their jobs, not those making less than 75k and still have a job. A lot in both public and private sector are getting paid during this time.
Kinda like your ratings
By mid of May, the unemployment rate will reach 15% !
The first half of March. The jobless claim is much higher now.
Things were better financially in this Country than ever in history, then THIS virus came. Sure sounds suspicious as all hell! TheJusticeDept CIA FBI should find out IF some 'source' inside or outside the US did this to kill our economy,hurt Americans & take down POTUS ?
The number of unemployed increased from the earliest 280,000 to 3.28 million, reaching 6.6 million in just one week.
In case I missed it? You sent it to my phone like 9 times, you’re like a proud dad with bad news
So tickled. Is this the winning we all heard about? Freaking aswesome right? N O T
Makes sense since at least 10 million people are no longer working.
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Source: BusinessInsider - 🏆 729. / 51 Read more »