The March jobs report is out and it’s ugly.
By far the ugliest component of the report was retail trade jobs, which plunged by 24,000.
“The industry had added an average of 32,000 jobs per month over the prior 6 months,” wrote the Bureau of labour Statistics in its report. “In March, job declines occurred in clothing and clothing accessories stores (-15,000), building material and garden supply stores (-10,000), and electronics and appliance stores (-6,000).”
This is a sign to many that the payroll tax increase at the beginning of the year is really starting to bite.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.