CNN’s Romans: Jobs Report ‘Much Worse Than We Thought,’ Unemployment Rate Will Surpass Great Recession

‘7,100 jobs lost in March, the unemployment rate jumps to 4.4%’


ROMANS: "They’re much worse than we thought- We knew it would be bad, it's much worse than we thought. 701,000 jobs lost in March, the unemployment rate jumps to 4.4%. Keep in mind, the labor market is deteriorating so quickly, the monthly numbers can’t keep up. So we didn’t think that this number would be really reflective of how dangerous the labor market is right now, but this is worse than we thought. Obviously the worst month for the job market since the financial crisis in 2008 and 2009. Leisure and hospitality lost 459,000 jobs, these are almost all in food service and bars and restaurants and restaurants. This is just showing you exactly where we have seen the leading edge of the layoffs and the like. I will tell you this, a lot of economists say we are already, today, at 10% unemployment. These numbers, as ugly as they look, are still not even keeping up with what we have seen over the past two and a half weeks. You likely have unemployment right now in this country, unemployment rate that will surpass the Great Recession.”

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