Coronavirus brings record U.S. job growth to an end in March
FILE PHOTO: People walk on a temporarily closed section of the Grand Concourse during the outbreak of the coronavirus disease in the Bronx borough of New York City, New York, U.S., April 2, 2020. REUTERS/Brendan Mcdermid
The United States has the highest number of confirmed cases of COVID-19, the respiratory illness caused by the virus, with more than 214,000 people infected. Nearly 5,000 people in the country have died from the illness, according to a Reuters tally. With jobless claims, the most timely indicator of labor market health, breaking records over the last couple of weeks and a majority of Americans now under “stay-at-home” or “shelter-in-place” orders, Oxford Economics is predicting payrolls could plunge by at least 20 million jobs in April, which would blow away the record 800,000 tumble in March 2009.
Some also argued a portion of cash payments to American families was likely to be saved, not spent, pointing to similar patterns in the early 2000s. “It is premature to predict a V-shaped economic recovery based on the massive stimulus program,” said Sung Won Sohn, a business economic professor at Loyola Marymount University in Los Angeles. “To put the economy back on its feet we need a bigger plan which will include infrastructure. We have a lot more pain ahead of us.”
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