March’s job report saw a loss of 701,000 nonfarm jobs, according to the U.S. Bureau of Labor Statistics’ monthly employment report. These changes are a direct result of the COVID-19 situation. There were losses in leisure and hospitality, health care and social assistance, professional and business services, retail trade and construction.
March’s unemployment rate rose to 4.4%, up from 3.5% in February. The civilian labor force participation was 62.7%, down from 63.4% in February.
The report found that in March, average hourly earnings for employees on private, nonfarm payrolls rose by 11 cents to $28.62. Over the year, average hourly earnings have risen by 3.1%.
The next report, due May 8th, will likely be grim as the full effects of COVID-19 related business closures are felt.