“There’s no question this is very, very disruptive,” St. Louis Fed President James Bullard says. “We expect a very sharp increase in unemployment, a very sharp job loss.”
St. Louis Federal Reserve President James Bullard said Wednesday that Friday's jobs report will likely be one of the worst in American history.
Economists expect the Labor Department's jobs report on Friday to show that the U.S. unemployment rate to have rocketed to 16% in April from 4.4% in March.Scott Eelis | Bloomberg | Getty Images "But that's kind of expected because you're using the unemployment insurance program to provide pandemic relief," he added. "That's exactly what we want to do."shed more than 20 million jobs in April
But investors await the Labor Department's key jobs report on Friday, when economists expect to see the U.S. unemployment rate to have rocketed to 16% in April from 4.4% in March. Dow Jones economists expect nonfarm payrolls to have declined by about 21 million last month.
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