Decade of Job Growth Comes to an End, Undone by a Pandemic [The New York Times]
Northern Trust Corporation (NTRS)
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Source: The New York Times
The longest stretch of job creation in American history came to a halt last month, the Labor Department reported Friday, another reflection of the coronavirus pandemic that has brought the economy to a virtual standstill.Compared with the astounding numbers of people recently applying for unemployment benefits — nearly 10 million in the previous two weeks — the figure announced Friday was less striking: a loss of 701,000 jobs. But the data was mostly collected in the first half of the month, before stay-at-home orders began to cover much of the nation. With that, what had been a drip-drip-drip of job losses turned into a deluge.“This is nothing compared to what we’re going to see,” said Stephanie Pomboy, president of MacroMavens, an independent research firm. Indeed, the March unemployment rate of 4.4 percent may be replaced by double digits as soon as next month.It was a stunningly abrupt end to a landmark stretch of job creation — 113 months in a row, more than twice the previous re
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- 11/8/24 - Form 4
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