US Jobs Market Posts First Decline Since September 2010
The US Bureau of Labor Statistics released its monthly employment report this morning, showing the US jobs market posted its first month-over-month decline in March since September 2010. As seen in the chart below, total nonfarm payrolls fell by 701,000 during the March survey period, a sharp drop-off from what had been a sanguine trend. This ends one of the most impressive streaks of jobs gains in history at 113 months, one that weathered numerous economic shocks along the way.
The leisure and hospitality businesses were hardest hit. Social distancing orders, restaurant and bar closures, and a standstill in travel... Read more