The 701,000 plunge in non-farm payrolls in March, which is already close to the worst monthly declines during the Global Financial Crisis, suggests the coronavirus pandemic started to decimate the economy even sooner than we thought. Moreover, the jobless claims data show that 10 million more workers have lost their jobs since the payroll survey was conducted in the second week of March, suggesting that the unemployment rate, which jumped to 4.4% last month, will soar above 10% soon.
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