This morning’s Bureau of Labor Statistics (BLS) data show that total payroll employment contracted by a whopping 701,000 jobs in March, including a loss of 713,000 private-sector jobs. As the coronavirus pandemic ripples through the economy, the monthly employment numbers released today show just the leading edge of the deep recession we are certainly now in (this is due to the fact that these numbers do not capture the entire month of March but only refer to the payroll period containing March 12, before shutdowns accelerated).
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