The American economy has lost more than 700,000 jobs in the first weeks of government efforts to slow the spread of the CCP virus. The hospitality industry was hit the hardest, but virtually no sector escaped the contraction, data released April 3 by the Bureau of Labor Statistics (BLS) shows.
One after another, governors across the country issued shutdown orders, closing bars, theaters, and all “non-essential” businesses.
The CCP virus, also known as the novel coronavirus, broke out in the central Chinese city of Wuhan around November 2019 and was allowed to spread across China and the world due to a coverup and mismanagement by the Chinese Communist Party (CCP).
The United States has now more than 240,000 cases and nearly 5,000 dead.
The BLS data doesn’t capture the full brunt of the shutdown, as it’s based on a survey conducted between March 8 and March 14, before many of the mitigation measures were adopted.
Oxford Economics is predicting payrolls could plunge by at least 20 million jobs in April, which would blow away the record 800,000 tumble in March 2009.
The counter-virus measures have brought to an end a historic 113 straight months of employment growth.
The only areas that saw some job growth were some merchandise stores (nearly 9,000), warehousing (over 8,000), outpatient care centers (over 5,000), and a few others. The federal government—other than the U.S. Postal Service, which lost jobs—added nearly 20,000 jobs.
President Donald Trump has tried to maintain some level of optimism in the markets, saying the economy will come “roaring back” once the virus restrictions are lifted. The administration has recommended people to follow “social distancing” rules until April 30. It has also worked with Congress to pass a $2.3 trillion relief package that will provide cash to individual Americans, loans to small businesses, and bailouts for affected industries, such as the airline industry.
Trump said he wants another package that would provide $2 trillion for infrastructure.