Monthly jobs report: March 2020 review

Welcome to the monthly jobs report with CareerBuilder, where we’re breaking down newly-released government employment data and sharing our industry insights to help job seekers and employers find their next role or team member. The first Friday of every month, the Bureau of Labor Statistics releases the unemployment rate and other job-related data. Many news, financial, and economic outlets cover the report, but we’re here to make it real to what you want and connect it to CareerBuilder real-time hiring stats.

The impact of the coronavirus pandemic is everywhere – job losses, unemployment claims, furloughs and in every facet of our economic lives. But what does that mean for you and your future? From tips for out-of-work employees to context around the unemployment rate and government data, we’ll give you a comprehensive understanding of this drastically changing employment landscape.

Highlights of the March monthly jobs report:

• Unemployment rose to 4.4% – an increase from 3.5% in months prior. The monthly jobs report covers a snapshot of employment during a month, and in this case, these statistics reflect from March 8-March 14 – pre-dating many of the business and school closures as a result of stay-at-home orders.
• 10 million unemployment claims, shattering previous records.
• Job loss of 701,000. On average, prior to March 2020, there was a monthly increase of 196,000 jobs. Two-thirds of the 701,000 jobs lost were in the leisure and hospitality industries, nearly offsetting gains over the past two years.
• Industries are still hiring. Companies responding to the coronavirus pandemic are in massive need of workers.

Watch the video below for deeper insights into what the jobs report and real-time hiring data mean for you.