US employers cut 701,000 jobs in March.
It may just be the beginning of a dramatic slump in the job market that could push the US unemployment rate to record levels. The pandemic has closed many businesses, businesses, and restaurants, while approximately two-thirds of the 330 million U.S. citizens are subject to stringent exit restrictions.
Economists interviewed by Dow Jones Newswires had expected a drop of 10,000 jobs. As the reporting date was March 12, the data should not yet reflect the full impact of the crisis.
As the U.S. Department of Labor reported, the cumulative figures for the previous two months were revised down by 57,000 jobs: the ministry now reported 275,000 more jobs in February (preliminary: 273,000) and 214,000 in January (provisionally: 273,000).
The separately surveyed unemployment rate rose to 4.4 from 3.5 percent in March, while economists had only expected an increase to 3.7 percent. This is the strongest monthly increase in the quota since 1975. Private households are surveyed for this statistic, but companies and authorities for the number of employees.
The so-called employment rate – that is, the share of the labor force in the total population of working age – fell from 63.4 to 62.7 percent.
US hourly wages rose 0.4 percent from the previous month to $ 28.62. Economists had expected an increase of 0.2 percent. Compared to the previous year, wages were 3.1 percent higher.
By Eric Morath and Andreas Plecko
WASHINGTON (Dow Jones)
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