The monthly jobs report is out at 8:30am ET Friday, when we'll find out just how grim the April employment numbers are. The March report was "shocking," without even showing the true brunt of the coronavirus pandemic's impact since the relevant surveys end mid-month. Media outlets are frequently using words like "devastating" to describe what's in store for the April report. It's not unexpected, of course, as millions upon millions have been filing for unemployment for weeks, but as the New York Times explains, it's the monthly report more so than the weekly unemployment numbers that is generally scrutinized "for evidence of how the economy is evolving." More:
- Just how bad? CNBC reports that the report is expected to show that the US lost a record 21.5 million jobs last month. We could also see the highest unemployment rate since 1939, at the end of the Great Depression and shortly before World War II.