U.S. | Labor market collapse begins

March's employment report marks only the beginning of a period of unprecedented weakening in the labor market. The number of people reporting being temporarily laid off doubled to 1.8M while the number of permanent job losers increased from 177K to 1.5M.

Key points

• Key points:
• Nonfarm payrolls declined by 701K in March
• The unemployment rate increased to 4.4%

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