Chart of the Day: Net New Jobs in March

The American economy lost 701,000 jobs last month. We need 90,000 new jobs just to keep up with population growth, which means that net job growth clocked in at—

Ahem. I suppose that accounting for population growth hardly matters at this point, does it? Just for the record, though, here’s the jobs chart for March:

This is for early March, by the way. The full extent of job losses due to COVID-19 won’t show up until next month.

And also just for the record, March was a fairly good month for wages. Average hourly wages for blue collar workers went up about 3 percent after accounting for inflation. That’s pretty good! Assuming you still have a job, that is. Most of you probably do, but there are obvious exceptions. I don’t normally bother showing job losses by category, but it’s worthwhile this time:

The biggest job losses by far came in four areas: retail, temp services, health care, and hospitality (which includes restaurants). I’m a little surprised about the job losses in the health care sector. There must be a specific story behind this, but I’m not sure what it is.

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