Economist says March’s Job Losses were ‘Tip of the Iceberg’

March’s loss of more than 700,000 jobs in the U.S. is only the “tip of the iceberg,” a former deputy secretary of labor says. Chris Lu, who served under President Barack Obama, says the data released Thursday reflects a period in which the economic impact of the coronavirus pandemic was only beginning to be felt. He says he expects April’s numbers to be much higher. The data, released by the Bureau of Labor Statistics, revealed unemployment rose 4.4 percent in March, marking the biggest loss of jobs since the Great Recession of 2009. It was also the biggest one-month change in employment numbers since 1975.

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