Another Historic NFP Report Comes Out Today
Much has been said about the current state of the US labor market. Economists expect the non-farm payrolls (NFP) number to decline to -22 million for April, down from -701k scored in March. There has never been such a substantial drop in jobs, and these times are truly unprecedented. The unemployment rate is forecast to rise to 14% from 4.4% previously, but as we speculated earlier, the real number will most likely be far worse. We expect the unemployment rate to reach 23%.