Coronavirus likely ended record U.S. job growth in March

Coronavirus likely ended record U.S. job growth in March
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WASHINGTON (Reuters) – The U.S. economy likely shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the coronavirus pandemic shuttered businesses and factories, confirming a recession is underway.

The Labor Department’s closely watched employment report on Friday will not fully reflect the economic carnage being inflected by the contagious coronavirus. The government surveyed businesses and households for the report in mid-March, before a large section of the population was under some form of a lockdown, throwing millions out of work.

Friday’s report could sharpen criticism of the Trump administration’s handling of the public health crisis, with President Donald Trump himself facing criticism for playing down the threat of the pandemic in its initial phases. Already, data has shown a record 10 million Americans filed claims for unemployment benefits in the last […]

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