Coronavirus: US lost 701,000 jobs in March, breaking 10-year streak

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Coronavirus: US lost 701,000 jobs in March, breaking 10-year streak
Coronavirus: US lost 701,000 jobs in March, breaking 10-year streak

The U.S. lost 701,000 jobs in March, breaking a remarkable string of uninterrupted payroll gains the past decade.

The unemployment rate rose to 4.4% from a 50-year low of 3.5%, the Labor Department said Friday.

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The report reflects employers’ jitters early in the month over the unprecedented economic fallout from the pandemic. But it doesn’t capture the nearly 10 million laid-off and furloughed Americans who filed initial jobless claims the past two weeks as much of the nation’s economy was shut down to help contain the spread of the virus.

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That’s because Labor’s survey was conducted the week ending March 14, before most states ordered residents to stay at home and nonessential businesses – such as restaurants, movie theaters and most stores – to close.

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