Biggest Takeaways from the March Jobs Report

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The March jobs report is out.

But, first, let's review coronavirus cases worldwide. 

The number of confirmed global cases of the coronavirus has risen to 1,056,777, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 55,781.

The U.S. has 251,773 cases of the coronavirus, according to Johns Hopkins CSSE. Deaths in the U.S. have risen to 6,572.

The U.S. shed 701,000 jobs in March, pushing the jobless rate up almost a full percentage point to 4.4% and giving Wall Street an early look into how much the coronavirus pandemic has crippled the U.S. economy.

The fall in jobs last month was the first decline in employment since 2010.

The jobs report followed data on jobless claims released Thursday that showed an astonishing 10 million people in the U.S. filed for unemployment benefits over the past two weeks. Workers in the travel, hospitality and leisure sectors were hit the hardest.

The numbers from the Labor Department are a picture of the jobs market tally up to March 21 - before states began implementing non-essential shutdowns of businesses - from restaurants and bars to retail stores to movie theaters and theme parks. 

Kenny Polcari, senior marketing strategist at SlateStone Wealth joined TheStreet to break down his thoughts on the jobs report. 

Watch the video above for more.

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