– This is the script of CNBC's news report for China's CCTV on April 10, Monday.
Welcome to CNBC Business Daily, I'm Qian Chen.
Nonfarm payrolls grew by just 98,000 last month, missing expectations.
The biggest drop came in the retail sector, which lost 30,000 jobs and has been struggling with economic forces that show little sign of easing. That brought the cumulative total jobs lost since January to more than 60,000.
[Price Headley, Founder & President BigTrends.com] "A lot of those jobs were blamed the shortfall blamed on some big department stores in the US, like JC Penny's and Macy's were closing a lot of stores so that people were out of jobs from the store closures. And obviously that's a potential one of what we'll see in the retail sector and that regardless has been hurting in the bricks and mortar side."
Retail jobs have been shed due to a string of recent bankruptcies, which are heading toward their highest level since 2009.
Payless ShoeSource is the latest retailer to file for Chapter 11 bankruptcy protection, adding its name to a growing list of chains that have struggled to compete against online and off-price retailers.As part of the filing, Payless will close nearly 400 stores as it attempts to boost its balance sheet and restructure its debt load. The company currently has more than 4,400 stores in more than 30 countries, according to its website.
It's the 10th retailer to file this year, continuing the industry on its pace for the highest number of such filings since 2009, according to a recent study by AlixPartners. That year, 18 retailers resorted to the action.
The rapid growth of online shopping has also contributed to the industry's contraction.
Fitch analysts said in a report that the bankruptcy had increased its US retail trailing 12-month (TTM) default rate to 1 percent. The rate could jump to 9 percent at the end of 2017, according to the rating agency.
CNBC's Qian Chen, reporting from Singapore.