'GAWD': Economists React To March Jobs Report On Twitter
Nonfarm payroll employment fell by 701,000 in March, ending the longest streak of monthly job gains in U.S. history at 113 months, the U.S. Bureau of Labor Statistics reported Friday.
The unemployment rate rose to 4.4%.
The number of unemployed rose by 1.4 million in March, with about two-thirds of these job losses occurring in leisure and hospitality, which lost 459,000 jobs. Most of those job losses were in food services and drinking places, which lost 419,000 jobs.
Other significant job losses were seen in temporary help, which lost 50,000 jobs, and retail trade, which lost 46,000 jobs.
The construction industry, which was classified as essential in many markets across the country, lost 29,000 jobs. Construction employment had increased by 211,000 jobs over the previous 12 months.
Here's how economists and others reacted to the March jobs report on Twitter:
My God, 701k jobs lost in March before there was even the worst of it.— Neil Irwin (@Neil_Irwin) April 3, 2020
US official unemployment rate = 4.4% (highest since August 2017)— Heather Long (@byHeatherLong) April 3, 2020
True unemployment rate = ~10%
Why? Because the official rate is a snapshot of March 12, well before the worst of the millions of layoffs.
The change in job growth is just such a clear break pic.twitter.com/GRtIpWbzYe— Martha Gimbel (@marthagimbel) April 3, 2020
GAWD— Michael Madowitz (@mikemadowitz) April 3, 2020
95% of job losses this month are in service sector pic.twitter.com/vv2Txk0UWQ
#COVID19 decimated health care worker employment as non-essential, non-Covid related medical practices closed doors. Think Dentists, Social Services, and the like. #JobsReport @KPMGUS_News pic.twitter.com/UiqN905BpK— Constance L Hunter (@ConstanceHunter) April 3, 2020
The unemployment rate rose across the education spectrum, but as always those with the most education have the lowest unemployment— Betsey Stevenson (@BetseyStevenson) April 3, 2020
Some College 3.0->3.7%
Betsey's right: It's rare to see the unemployment rate rise by nearly a full percentage point in one month.— Justin Wolfers (@JustinWolfers) April 3, 2020
But more recent data suggest that right now, the unemployment rate is rising by a full percentage point EVERY TWO DAYS.https://t.co/ivAGyVKxP0
-700k is an awful jobs month. That it’s the best news we will get for some time should give us a terrible pit in our stomach.— Austan Goolsbee (@Austan_Goolsbee) April 3, 2020
when @BLS_gov publishes next month's unemployment rate for April it will be mind blowing ... kill this god damn virus!— Claudia Sahm (@Claudia_Sahm) April 3, 2020
In 2008, QE started in Sept, TARP was passed in Oct. BUT, the market and economy did not bottom until mark-to-market accounting was changed in March 09. The equivalent of that today, is opening up the economy. The market will recover first, but we need to back off the shutdown.— Brian Wesbury (@wesbury) April 3, 2020
New post from me at @hamiltonproj .We are in a recession already. It started in March. Can we make it a short one? Will depend on a robust public health response to control virus and good economic policy to cushion downturn and eventually restart economy. https://t.co/s73ccOOUwz— Jay C. Shambaugh (@JayCShambaugh) April 3, 2020
This is good news. There is a loooong way to go to help small biz. But at least help has started.— Heather Long (@byHeatherLong) April 3, 2020
And notice who got the $$$ flowing first = community banks.
Big banks "will go live soon," Treasury Secretary says. https://t.co/Vw4Ze6QFLo
Pour one out for the longest period of continuous employment growth in U.S. history. It began in October 2010, lasted 9 years and 5 months, and brutally ended today.— Justin Wolfers (@JustinWolfers) April 3, 2020
(The previous record of 4 years began in July 1986.)