Coronavirus effect: US employers cut over 7 lakh jobs in March

The U.S. economy shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus pandemic. According to Labor Department, employers cut 701,000 jobs last month after adding a revised 275,000 in February. The unemployment rate shot up to 4.4% from 3.5%. Nonfarm payrolls had been forecast to decrease by 100,000 jobs last month.