About 8 million Americans lost their jobs in May, on top of the 20.5 million in April, and economists see unemployment peaking near 20%.
The unemployment rate is expected to have hit nearly 20%, with 20.5 million jobs lost in April and millions more expected in May data, which will be released at 8:30 a.m. ET Friday.
Economists are forecasting about 8.3 million jobs were lost, and that the unemployment rate rose to 19.5%, according to Dow Jones. That compares to an unemployment rate of 14.7% in April. The employment report, expected Friday morning, follows Thursday's report that nearly 1.9 million people filed for unemployment claims last week.
"By all metrics, whether it's the unemployment rate, which we have peaking at 19% or the layoffs, this should be the last negative [monthly jobs report]... The next number will be positive. You're going to have millions of jobs added in coming months," Harris said. "Our assumption is that only about half of the jobs that were lost come back over the course of the next three to six months.
"This May number is going to be bad," he said. "We're looking at an unemployment rate approaching Great Depression levels. We're expecting 10 million jobs were lost...We think the unemployment rate will hit 20.5%. When you look at the claims reports, it's pretty horrific. We're still looking at elevated unemployment claims."
Economists had expected a much larger unemployment rate for April, and now many expect it to move up to around 20%. Restaurants, for instance will need to expand the space between customers, and that could reduce their operations substantially. Airlines are seeing interest from travelers, but they are not planning anything near the capacity they had prior to March.Both Harris and Anderson said it's more likely about 50% of the layoffs were temporary.
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