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The March #JobsReport released this morning largely reflects lagged conditions, as there’s a mismatch between the timing of #coronavirus-related developments later in the month of March, and the timing of the @BLS_gov’s establishment survey earlier in the month.
And the decline in nonfarm #payrolls, of -701,000 jobs, while a sharp reversal from strong Jan/Feb #employment figures, is going to get much worse in the months to come, as the #BLS’s surveys catch up with the reality of significant #economic shutdowns across most states.
Therefore, #employment data such as today’s report, and initial and continuing claims for #unemployment, will grow in importance from here as a broad barometer of #economic health and for understanding the transition of the #economy through this crisis.
