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US Economy Shed 700,000 jobs in March

Syed Umarullah HussainiWeb Editor

05th Apr, 2020. 10:30 am
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US Economy

A new report has revealed that United States US Economy shed 701,000 jobs in the month of March, amid the Coronavirus outbreak.

The new report said that this is the 133th straight month of unemployment in the country that claims to be the super power.

The Labor department of the United States has closely watched the unemployment report, the situation about US Economy worsening day by day as stringent measures taken to curb the spread of the virus.

William Beach, commissioner of the Labor Department’s Bureau of Labor Statistics noted that;
Data collection for the employment report was adversely affected by the coronavirus.

The worst is still to come, with a majority of Americans now under “stay-at-home” or “shelter-in-place” orders.

According to the data, record 10 million Americans filed claims for unemployment benefits in the last two weeks of March.

US Economists expect payrolls to cut down by at least 20 million jobs in April,

That would blow away record 800,000 tumble during the Great Recession.

Economist Joel Naroff has said, that we just seeing tip of iceberg when it comes to collapse of labor market,”

Stocks on Wall Street fell, while U.S. Treasury prices rose. The dollar was up against a basket of currencies.

With Reference to the latest statistics provided by the John Hopkins University,

Total number of confirmed cases of coronavirus across United States passed 0.3 million, of which  8,287 have been reported dead.

However, 14,607 patients recovered.

Earlier, PRESIDENT of the United States Donald Trump said federal government setting up a 2,500-bed field hospital at New York’s Javits Convention Center.

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