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Dow slides 361 points after the US economy loses far more jobs than expected in March

Dow slides 361 points after the US economy loses far more jobs than expected in March
Reuters



US stocks fell Friday after the March jobs report disappointed by a wider margin than expected, ending a record 113-month streak of job growth.




The declines reversed gains from Thursday when investors shrugged off a second week of massive unemployment insurance claims.




The March jobs report doesn't include two key weeks in which 10 million Americans filed for unemployment insurance. That suggests the worst data is still to come.




Read more on Business Insider.




US stocks fell Friday after the March jobs report showed a much larger-than-expected contraction of nonfarm payrolls.
The US economy lost 701,000 jobs in March, according to Friday's report from the Labor Department, much more than the 100,000 decline economists were expecting. Given that the report only includes data through March 14, missing two weeks in which 10 million Americans filed for unemployment, many had thought the report wouldn't be so bad.
The dismal report comes amid the coronavirus pandemic that continues to spread through the US and around the world. It suggests that the damage to the economy even early on in the outbreak was even worse than originally thought.
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