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SPSM - March Employment: Services Vs. Goods Producing Jobs
SPDR Portfolio Small Cap
The latest monthly employment report showed a gain of 916K nonfarm jobs, which consists of a gain of 733K service-providing jobs and a gain of 183K goods-producing jobs.
Even though the unemployment rate increases during recessions, the employed service-providing population increases, and goods-producing jobs disappear.
Currently, the number of employees in service-providing industries has plummeted as a result of the COVID-19 pandemic.