The Bureau of Labor Statistics announced on Friday that the U. S. economy lost 701,000 jobs in March and that the January and February numbers were revised down by a total of 57,000. While 701,000 is a very large number, it will pale in comparison to next month’s report.
April’s employment could have over 10 million job losses
From the Bureau’s press release it stated, “It is important to keep in mind that the March survey reference period (March 8 to 14) predated many coronavirus-related business and school closures in the second half of the month.”
This means April’s employment report will contain the 3.3 million unemployment claims on March 26 (which was for the week ending March 21) and the 6.6 million claims from Thursday, April 2 (from the week ending March 28). And if 9.9 million isn’t chilling enough, the expectations are that millions more could be reported in the next few weeks.