U.S. economy shed 701,000 jobs in March

U.S. shed 701,000 non-farm payroll employment in March and the unemployment rate surged to 4.4 percent in the wake of the coronavirus, the Labor Department reported on Friday.

It was United States' worst job loss since March 2009 during the depths of the global financial crisis, and the biggest single-month jump in jobless rate in more than 45 years.

"The changes in these measures reflect the effects of the coronavirus (COVID-19) and efforts to contain it," the report said.

The leisure and hospitality sectors – among the first to feel the impact of the travel restrictions – lost 459,000 jobs. 

Other notable declines were in healthcare and social assistance, professional and business services, retail trade, and construction sectors, the report said.

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