MARCH JOBS REPORT: • Change in non-farm payrolls, March: -701,000 vs. -100,000 expected • Unemployment rate, March: 4.4% vs. 3.8% • Average hourly earnings, year on year: 3.1% vs. +3.0% expected YahooFinance:
The U.S. economy shed jobs for the first time in a decade in March and the unemployment rate rose more than expected, as the coronavirus pandemic began to erode domestic economic activity.
“Given the timing of the report, our sense is that layoffs were not the main driver of the weakness in this report,” Neil Dutta, head of economics for Renaissance Macro Research, said in an email. “Indeed, jobless claims did not rise that much, at least during the payroll survey week. Instead, the drop came as hiring plans were put on ice.”
That marked a stunning reversal after the economy grew payrolls in both February and January of this year by 214,000 and 275,000, respectively. And the unemployment rate jumped from February’s 50-year low of 3.5% to 4.4% in March, the highest level since August 2017. Within the services sector, leisure and hospitality lost 459,000 payrolls in March, after gaining 44,000 in February. Education and health services industries followed by a wide margin, losing 76,000 jobs in March. Professional and business services lost 52,000 payrolls.
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