US non-farm payroll employment dropped -701k in March. Two-thirds of the drop occurred in leisure and hospitality. Notable declines also occurred in health case and social assistance, professional and business services, retail trade, and construction.
Unemployment rate jumped from 3.5% to 4.4%. That’s the largest over-the-month increase since January 1975. Labor force participation rate dropped -0.7% to 62.7%. Average hourly earnings rose 0.4% mom.
