A decade of jobs growth in the US came to an abrupt halt in March as employers shed 701,000 jobs amid the coronavirus outbreak. The unemployment rate rose to 4.4% in the biggest one-month jump since 1975, according to new data from the US Department of Labor.

The leisure and hospitality industries accounted for more than half the cuts. The losses – greater than expected – are believed to now be worse since the data was collected early in the month. Since then, cases of coronavirus have jumped to more than 245,000 and a majority of states have put lockdown measures in place, forcing most businesses to close.

State filings show about 10 million people have registered for unemployment benefits in the last two weeks – record figures that far eclipse previous highs. “It’s clear that the pandemic is already having a more significant impact on the labour market than most had expected even a week ago,” said Andrew Hunter, senior US economist at Capital Economics.(BBC)…[+]