Devastating numbers, the collapse of the U. S. job market?

Since the stay at home orders has given, the job market has seen a huge decline and the march month payroll numbers look worrisome. According to the Labor Department, nonfarm payrolls dropped by 701,000 in March.

Present meets past:

Experts say this is one of the largest numbers since September 2010 and May 2009 economic shutdown which had around 800,000 from the hospitality industry, bars and restaurants.

Currently, the unemployment rate went to 4.4 % from 3.5% which is the highest since August 2017

Expert’s word: 

Nick Bunker, economic research director at Indeed, says “Today’s numbers are shockingly bad and an understatement of the damage already done to the U.S. economy, 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.”

More than 10 million people have filed for unemployment insurance over the past two weeks.

“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, that would be consistent with the initial claims for unemployment insurance data that we’re getting.” says  Mark Zandi, chief economist at Moody’s Analytics.

Citigroup predicted a 10 million job loss this April, according to The Bureau of Labor Statistics, the gains of the past two years are all lost due to the current crisis, and the following department lost the respective number of jobs.

Leisure and hospitality - 459,000 job losses, 

Food and drinking establishments- 417,000

Health care and social assistance -61,000, 

Professional and business services- 52,000 

Retail- 46,000. 

Construction- 29,000 

Since the numbers are doubling up, with the new April report arriving, a major crisis is waiting at the entrance of May 2020.