The U.S. officially lost 701,000 jobs in March, but in reality millions vanished
Published: April 3, 2020 at 9:23 a.m. ET
By Jeffry Bartash
Unemployment rate probably headed toward 10% or even higher
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The numbers: The U.S. lost 701,000 jobs in March, the government’s official employment scorecard showed, but the real losses were much greater: At least 10 million jobs and counting as the coronavirus bore down on the economy.
The reported decline in employment was the biggest in 11 years and one of the largest ever, but it’s going to get dwarfed by the job losses in April. The Labor Department’s employment summary for last month was gleaned from a survey of business establishments completed in the second week of March, just before the COVID-19 pandemic began to devastate the economy.
A separate survey of households gave a more accurate view of what was really going on. Employment measured by the household survey showed a 3 million decline in the number of people who said they were working. And 1.6 million people just dropped out of the labor force.
Even those big declines underestimate the carnage, though.
https://www.marketwatch.com/story/the-us-officially-lost-701000-jobs-in-march-but-in-reality-millions-vanished-2020-04-03?mod=home-page
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Hold on..............
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