Layoffs add to economic misery

The coronavirus outbreak brought on the first net loss in employment in the United States in almost a decade, according to the U.S. Bureau of Labor Statistics on Friday. Employers slashed 701,000 jobs last month.

How did the markets react? Investors expected the dismal news, so U.S. and international stocks held steady Friday morning. President Donald Trump buoyed economic hopes on Thursday by hinting that Saudi Arabia and Russia might soon settle their differences on oil prices. The two countries started a price-cutting war just as the demand for oil dropped because of the pandemic. Oil prices have all but bottomed out since then, which is good for individual wallets but bad for economic growth.

Dig deeper: Read Harvest Prude’s report in The Stew about the U.S. government’s effort to help financially strapped small businesses, nonprofit groups, and churches.