For the first time in nearly a decade, the U.S. suffered a net loss of jobs as the coronavirus began to take hold in the country. But a monthly snapshot from the Labor Department shows only the first pinpricks of what will soon be a gaping wound.
U.S. employers shed 701,000 jobs in March — the most since 2009, during the depths of the Great Recession, according to the monthly survey. But that was conducted three weeks ago — before the pandemic forced the widespread closing of restaurants, retail shops and other businesses.
That unprecedented shutdown has already pushed some 10 million people out of work, according to initial claims for unemployment filed in the last two weeks. Most of those job losses won’t show up until the April employment report is published a month from now.