In total, 701,000 jobs were reported lost last month, the Ministry of Labor said on Friday, but even this massive number – the largest since the financial crisis 11 years ago – failed to capture the actual extent of losses, as the monthly survey was also conducted. early March.
However, this shows that even in the early stages of business closings that have since spread across the country, the cuts have been most strongly felt in industries such as hotels, restaurants and education, while the travel industry closed, bars and restaurants closed. and closed daycares, all in an effort to limit the spread of the disease.
And, perhaps ironically in the midst of a health crisis, the health care sector was among the most affected as providers of almost all services, except acute care for people with COVID-19 , lung disease caused by the new coronavirus, operations suspended and stopped seeing patients.
The following charts illustrate how job losses in March – which will no doubt be revised upward and followed by even larger reductions in April – took place across various sectors and demographic groups.
Chart: Which sectors lost jobs in March? – reut.rs/2wP4ynv
The recreation and hospitality sector lost 459,000 jobs – 65% of all jobs lost in March. The loss, the industry’s largest monthly decline, canceled two years of employment gains in the industry.
Most of this came from restaurants and bars, which cut 417,000 jobs.
About 76,000 health and education jobs were lost, resulting in 29,000 job cuts for dentists and doctors and another 19,000 for child care.
The federal government sector stood out as a rare example of net job gains last month, thanks to the addition of 17,000 temporary workers for the 2020 census.
Chart: Unemployment by age and race – reut.rs/346fk4K
The unemployment rate rose to 4.4% from a half-century low of 3.5%, the largest month-over-month increase in the unemployment rate since 1975.
By race or ethnicity, the largest increases were seen among Asians and Latinos, with increases of 1.6 percentage points each, almost double the overall increase of 0.9 points percentage. Whites and African Americans saw their rates rise at the same rate as the national rate, although the unemployment rate for blacks – at 6.7% – was 65% higher than that for whites at 4%.
Younger workers were also the most likely to lose their jobs at the start of the closure.
The unemployment rate for adolescents increased by 3.3 percentage points to 14.3% and that for 20-24 year olds by 2.3 points – the most since 1953 – to 8.7%.
In contrast, unemployment among people aged 25 to 34 rose only 0.4 percentage points to 4.1%. The unemployment rate for workers aged 45 to 54 rose 0.7 percentage points to 3.2%, the lowest rate for all age groups.
Chart: Unemployment by sex and education – reut.rs/3aGQlr7
Workers with lower education also found themselves unemployed at a higher rate in March.
The rate of workers without a high school diploma jumped 1.1 percentage points to 6.8%, the highest in nearly three years.
For university graduates, the unemployment rate rose 0.6 percentage points to 2.5%. However, this was the largest monthly increase in the rate for this demographic since the Department of Labor began tracking it in the early 1990s.
And finally, there was a notable gender gap in the increase in the unemployment rate last month. The unemployment rate for men increased by 0.7 percentage point, while that for women increased by 0.9 percentage point, perhaps explained by their greater representation in the most affected employment sectors such as than hotels and healthcare.
The overall rate for both sexes over the age of 20 is now 4%.
Report by Dan Burns; Editing by Daniel Wallis
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