The U.S. officially lost 701,000 jobs in March, but in reality millions vanished

[turbinetree]

Source: Market Watch

Published: April 3, 2020 at 9:23 a.m. ET

By Jeffry Bartash
Unemployment rate probably headed toward 10% or even higher


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.

Read more: 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........yet again...........

[NewJeffCT]

1. the monthly cut off is mid March

so the March numbers are mid February to mid March.

April is likely going to be 10x larger for job losses.

[turbinetree]

2. Yepper spot on....................

[AtheistCrusader]

3. It's going to be significantly higher than 10%.

But what is going to be critical to understand is where it is, one month after the stay at home orders are lifted. That's when the full butcher's bill will become obvious.

[BadGimp]

4. This is only the beginning IMO