The American economy lost 701,000 jobs last month. We need 90,000 new jobs just to keep up with population growth, which means that net job growth clocked in at—
Ahem. I suppose that accounting for population growth hardly matters at this point, does it? Just for the record, though, here’s the jobs chart for March:
This is for early March, by the way. The full extent of job losses due to COVID-19 won’t show up until next month.
And also just for the record, March was a fairly good month for wages. Average hourly wages for blue collar workers went up about 3 percent after accounting for inflation. That’s pretty good! Assuming you still have a job, that is. Most of you probably do, but there are obvious exceptions. I don’t normally bother showing job losses by category, but it’s worthwhile this time:
The biggest job losses by far came in four areas: retail, temp services, health care, and hospitality (which includes restaurants). I’m a little surprised about the job losses in the health care sector. There must be a specific story behind this, but I’m not sure what it is.