The monthly non-farm payroll figures, generally regarded as the single most important data release every month in financial markets, revealed that 701,000 US jobs were lost last month
The US Labor Department, which compiles the figures, also reported that"notable declines also occurred in health care and social assistance, professional and business services, retail trade, and construction."Looking at demographic groups, the biggest increase in job losses was among teenagers, where the unemployment rate jumped from 11% in February to 14.3% last month.Among ethnic groups, the jobless rate among white Americans rose from 3.
Neil Williams, senior economic adviser to the international business of investment manager Federated Hermes, said:"At this pace, we could see a US unemployment rate of 13% by June [because] labour market data are traditionally a lagging indicator." "Early indications are that the small business program is off to a bumpy start, while demand is overwhelming."Jan Hatzius, chief economist at investment bank Goldman Sachs, told CNBC that US unemployment could hit 15% in coming months.
Mr Patel said that many of the jobs lost thus far were likely to be low paid and among workers with low level of savings.planned helicopter money"Secondly, the drop in employment is considerably lower against expectations, showing the pace of economic weakness is going to be much sharper than expected.
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