AP Economics Writer
WASHINGTON (AP) — A record-long streak of U.S. job growth ended suddenly in March after nearly a decade, as employers slashed hundreds of thousands of jobs because of the viral outbreak that has all but shut down the U.S. economy. The unemployment rate jumped to 4.4% from a 50-year low of 3.5%.
The job loss of 701,000 reported Friday by the government — the worst since the depths of the Great Recession in 2009 — is still just a small indication of what's to come. For the April jobs report that will be released in early May, economists expect as many as a record 20 million losses and an unemployment rate of around 15%, the highest since the 1930s.
The enormous magnitude of the job cuts is inflicting far-reaching damage on economies in the U