Jim Cramer gives his thoughts on the jobs report.
In case you missed it, the U.S. shed 700,000 jobs in March, which is the first time that the jobs report has been negative in around 10 years.
Watch Jim Cramer's response to the jobs report in the video above.
We did get the number this morning for the March jobs and that's we lost 701,000. Jim, yesterday when we talked about the job number, you said that this is not going to reflect the full extent of the March jobs report. The coronavirus shutdown. I'm wondering based on that, Jim, is this going to be worse than we thought?
I was surprised to see how much white-collar was lost. I think everyone expected really bad numbers in restaurant, hotel/leisure, but this white-collar decline. It's very curious. It's unexpected. I think that it, therefore, makes this thing broader than just small business. Or these small businesses that ... This kind of layoff is a layoff that says ... What's happening is, there will be companies that are traditional, let's say law firms. Small banks. And they're laying people because they're just saying, "We're not going to get the kind of business that we thought were going to get."
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