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USA Suffers 713k Jobs in Private Sector

The March employment report left no unanswered questions about the devastating economic impact from the pandemic. There were 713k total jobs eliminated in the private sector alone, according to the Establishment Survey, Private services which account for 71% of total GDP saw 659k job losses, ten times the amount for goods producers. Leisure and hospitality were hit the hardest, shedding 459k positions. Drilling down to specific industries – tour operators, restaurants, bars, childcare, furnishings, lodging, and others suffered significantly. On the positive front – federal, local governments, the central bank, warehousing, storage, data services added new hires.