US jobless rate rises sharply, but it will increase much more

According to data published by the Bureau of Labor Statistics today, the US jobless rate increased to 4.4 percent in March. Total nonfarm payroll employment fell by 701,000. These numbers reflect the early effects of the coronavirus on the U.S. economy. However, the numbers do not yet reflect the full effects that mainly occurred in the end of March. Revised data for March (published in early May) will probably show a much higher increase in the unemployment rate.

Yesterday, another report by the labor department showed that the number of initial jobless claims jumped to 6.6 million in the week ending March 28.

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