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UNEMPLOYMENT SURGES FROM 3.5% TO 4.4%
by Kevin Ryan

The U.S. economy lost 701,000 jobs in March as the coronavirus pandemic’s “shelter-in-place" orders have led to steep layoffs and furloughs during the month. By contrast, February's total was 273,000 jobs added.

The unemployment rate jumped to from 3.5% to 4.4%, ending a months-long record run at a half-century low.

And March's data is likely the tip of the iceberg, as the survey it is based on is conducted in the first half of the month, before closings got worse. Last week, more than 6 million people filed for unemployment, doubling the record sent just a week earlier. Those numbers do not figure in today’s report.

“April will be a disaster for labor markets,” Michael Gapen, chief U.S. economist at Barclays, told CNBC. “We still have two more weeks [until the April unemployment survey], and we’re probably looking at an unemployment rate of more than 10%."

It's the first time since the Obama administration that the economy has registered a negative jobs number.

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