US Employment Plunges In March Amid Coronavirus Damage
April 3, 2020
6:41 pm
As the US economy craters amid the damage inflicted by the coronavirus shutdowns, businesses jettisoned jobs at an alarming rate last month, according to government data Friday, and the situation will get dramatically worse.
US employment plunged by 701,000 in March and the jobless rate surged to 4.4 percent, the Labor Department reported.
Yet the department acknowledged its statistics could not yet capture the full extent of the damage, and its own weekly data on first-time claims for jobless benefits showed 10 million people lost their jobs in the last two weeks of the month.
With COVID-19 cases topping a …
