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Fri Apr 3, 2020, 02:11 PM

Decade of Job Growth Comes to an End, Undone by a Pandemic

The longest stretch of job creation in American history came to a halt last month, the Labor Department reported Friday, another reflection of the coronavirus pandemic that has brought the economy to a virtual standstill.

Compared with the astounding numbers of people recently applying for unemployment benefits — nearly 10 million in the previous two weeks — the figure announced Friday was less striking: a loss of 701,000 jobs. But the data was mostly collected in the first half of the month, before stay-at-home orders began to cover much of the nation. With that, what had been a drip-drip-drip of job losses turned into a deluge.

“As bad as this report is, next month will be many orders of magnitude worse,” said Michael Gapen, chief U.S. economist at Barclays. “This is the initial slippage of the labor market.” He said the March unemployment rate of 4.4 percent could rise to 13 percent in April.

The decline in employment last month represents the biggest monthly drop since the depths of the Great Recession in 2008-9. It was paced by a net loss of 459,000 jobs in the leisure and hospitality sector.

https://www.nytimes.com/2020/04/03/business/economy/coronavirus-jobs-report.html

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Reply Decade of Job Growth Comes to an End, Undone by a Pandemic (Original post)
Zorro Apr 2020 OP
Cirque du So-What Apr 2020 #1
ResistantAmerican17 Apr 2020 #3
Cirque du So-What Apr 2020 #4
Chainfire Apr 2020 #2
Wellstone ruled Apr 2020 #5

Response to Zorro (Original post)

Fri Apr 3, 2020, 02:17 PM

1. Undone by a pendejo

Even if the pandemic hadn't occurred, orange foolius had been hacking away at the foundations of our economy for 3 years, so a recession was likely. When Covid-19 hit, the effect is worse than it would have been 4 years ago.

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Response to Cirque du So-What (Reply #1)

Fri Apr 3, 2020, 02:29 PM

3. Pendejo---if I recall my Cheech & Chong movies that means

“my very good friend” right? LMAO!!! Both at thinking about that scene from the movie, and reading your comment!!

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Response to ResistantAmerican17 (Reply #3)

Fri Apr 3, 2020, 02:36 PM

4. It's actually one of the milder insults

unless it's defined as 'MFer' and I'll allow it in this case. The word called to me when I saw 'undone by pandemic.'

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Response to Zorro (Original post)

Fri Apr 3, 2020, 02:29 PM

2. Not undone by the pandemic

Undone by Trump's failed response to the pandemic.

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Response to Zorro (Original post)

Fri Apr 3, 2020, 03:10 PM

5. Job growth stopped

 

in October of 2019 when the Yield Curve broke. Several Econ people seed at the time,watch out from here on.

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