Nonfarm Payroll Employment Declines Sharply in March

The Bureau of Labor Statistic has released it Employment Situation Summary for March 2020. The summary is reporting that total nonfarm payroll fell by 701,000 in March, after a revised increase of 275,000 jobs in February. The unemployment
rate has increased to 4.4%, which ends a 13 consecutive month run of unemployment being reported below 4%. It was also the first time since September 2010 that monthly employment growth dropped below zero and was almost as low as during the 2008 recession.
Residential construction employment also decreased by 4,300 in March, after a revised increase of 24,100 in February. Total construction industry employment, both residential and nonresidential, totaled 7.6 million March.