Welcome to the Jill on Money Corona virus Market update. We are recording this at

432 on Friday afternoon and it's been just an awful day when it comes to news frankly.

We saw markets go down but that's not where the real news was.

March job losses.

Oh my God, it was a terrible number.

So on Thursday morning, we found out that weekly claims

jumped by more than 6.6 million, bringing two weeks. that weekly

claims jumped by more than 6.6 million bringing two weeks of claims about 10 million

and now we find out that in March 701,000 jobs lost.

To put that in perspective, gang, those were job losses that were really the first half of

the month, and most job losses, layoffs, and furloughs occurred in the latter part of the month.

So this is very bad news.

Leisure and hospitality is the lion's share of the job losses.

459,000 jobs that were lost there. But health care down by

61,000, that's as a lot of non-essential medical offices are closing, retail 46,000 jobs.

It was probably good news for census workers.

There were 17,000 of those added.

The unemployment rate went up to 4.4 percent. It was down at 3.5

percent in February. That is the largest one month increase in the rate since 1975 and

that does not tell you where the rate is. As I said yesterday, the rate is probably somewhere

around 10, 12, maybe it's 1314, who knows, but it's going to be bad when we get this April number. This is the beginning, the tip of the iceberg as one economist said to me.

Now that said, taking a deep breath. This is a health pandemic. It has become an

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