U.S. Economy Lost 701,000 Jobs In March Amid Coronavirus Pandemic

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U.S. Economy Lost 701,000 Jobs In March Amid Coronavirus Pandemic
The Labor Department announced the massive number Friday. It's the worst job loss recorded since the Great Recession back in 2009.
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The U.S. lost 701,000 jobs in March as the coronavirus pandemic continues to ravage the American economy.

The Labor Department announced the massive number Friday. It's the worst job loss recorded since the Great Recession back in 2009. 

The unemployment rate shot up from 3.5% in February to 4.4% in March — the biggest one-month jump since 1975. And a record 113 consecutive months of job growth came to a screeching halt.

But considering the data is only from the first half of March, officials say it doesn't reflect the true extent of the damage here. Many of the lockdowns, stay-at-home orders and closures currently wreaking havoc on the economy weren't issued until later in the month.

And things likely won't slow down for a while as social distancing requirements force businesses to keep their doors shut and lay off employees.

Last week, a whopping 6.6 million Americans filed new claims for unemployment benefits, bringing the two-week total to nearly 10 million initial claims.

Contains footage from CNN.