U.S. private payrolls post first decline in two-and-a-half years
WASHINGTON - U.S. manufacturing activity contracted less than expected in March, but disruptions caused by the coronavirus pandemic pushed new orders received by factories to an 11-year low, reinforcing economists’ views that the economy was in recession.
“Manufacturing is back in recession, joining the rest of the economy,” said Chris Rupkey, chief economist at MUFG in New York. “With only a few actual data points so far, the results indicate this is looking more like a depression than a garden-variety recession.” More than 80% of Americans are under some form of lockdown as states and local governments try to contain the spread of the virus, bringing the nation to an abrupt stop. The United States has the highest number of confirmed cases of COVID-19, the respiratory illness caused by the virus, with nearly 188,000 people infected. Almost 4,000 people in the country have died from the illness, according to a Reuters tally.
Economists had forecast private payrolls would fall by 150,000 jobs in March. The smaller-than-expected decline was due to establishments being surveyed in mid-March, before many states and local governments ordered residents to stay at home unless on essential business.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Keeping Up With All Celeb Livestreams: What to Watch March 30-April 5See the list of celebs who will be taking part in virtual events this week, from March 30 to April 5. Click here for more details!
Read more »
Coronavirus news: The most important things for Monday morning, March 30Overwhelmed by news about the coronavirus outbreak? Check out our explainer for the latest updates and ways you can prevent the spread of the virus.
Read more »
The Most Popular Movies On Netflix Right Now (March 30)Subscribers are watching Netflix's new movie about wine and barbecue.
Read more »
Video Streaming to TVs Soared 85% in U.S. in First Three Weeks of March, Nielsen SaysDuring the coronavirus pandemic, Americans are staying home — and, as you would expect, they’re streaming more than ever. U.S. consumers’ viewing of streaming has continued to inc…
Read more »
Equal Pay Day Is in March—But Equal Earnings Day Is Not Until OctoberOnce you factor in other forms of earnings (such as health insurance, retirement account contributions, bonuses, and self-employment income), men actually earn 75 percent more than women—meaning that women on average earn only 57 cents on a man’s dollar. If Equal Pay Day was based on a more comprehensive measure of the earnings gap, the day would fall much later in the year—more like October.
Read more »