The Bureau of Labor Statistics on Friday released its monthly jobs report, revealing that manufacturing lost 18,000 jobs in March, while the overall economy shed 701,000 jobs.
Here’s the problem.
These numbers only hint at the losses that have actually taken place. The data was gathered in mid-March, just before the coronavirus crisis started to really take hold across the United States.
Since then, there have been some very unsubtle changes in the U.S. economy as a result of the rapid spread of the virus. Shopping malls, restaurants, and bars have shut their doors; sporting events, music festivals and other activities have been canceled.
