US non-farm payrolls plunged; a historic 113 straight months of job gain ends

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US non-farm payrolls plunged; a historic 113 straight months of job gain ends

On Friday, the 3rd of April 2020, US non-farm payroll data released from the US Labour Department had vindicated a vivid demonstration of a recession underway, as the US non-farm private sector had shed 701,000 jobs till mid-march, abruptly winding down a historic run of 113 straight months of job growth, while at least 100,000 non-farm jobs were required to be added to continue the longest expansion of US economic growth currently at its eleventh year.

In point of fact, as the Labour Department data could not reflect the entire non-farm payroll scenario last month due to a nationwide partial lockdown imposed on mid-March, acknowledging the shortcoming of the report, the Commissioner of the US Labour Department’s Bureau of Labour Statistics, William Beach said on Friday (April 3rd), “We still were able to obtain estimates from our two surveys that met BLS standards for accuracy and reliability.

” In tandem, according to US Labour Department’s non-farm payroll data until mid-march, the tourism and leisure department had been the heaviest hit with losses of 459,000 jobs in the sector, however, an analysts’ poll had forecasted a decline of only 100,000 jobs last month.

Aside from that, Friday’s (April 3rd) non-farm payroll data comes over the heels of a record initial jobless claims of nearly 10 million US nationals over the past two weeks, while a majority of analysts were quoted saying that the worst-case scenarios were still to come with tens of millions of Americans were now under “stay-at-home” or “shelter-in-place” order.