The March payrolls report was far worse than expected, and that was before the tsunami of layoffs began, Sal Guatieri from BMO Capital Markets Economics reports. Key quotes “Nonfarm payrolls plunged 701,000, ending a record string of 113 straight advances in crushing manner. The decline was 7 times greater than the Reuters’ consensus median, and came close to the worst month of the Great Recession.” “The unemployment rate soared to 4.4%, the highest since the summer of 2017, from the 50-year low of 3.5%. More recent claims figures put the rate closer to 10%, if not higher.” “The index of aggregate weekly work hours plunged 1.1% in the month, close to that of the last recession while average hourly earnings rose more than expected, by 0.4%, lifting the yearly rate to 3.1%.” “The pandemic already had a worse impact on the labour market than anyone anticipated. The dislocations are expected to peak in May, assuming the pandemic is under control by then.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Oil: Trump opens the door to a disappointment – TDS FX Street 2 years The March payrolls report was far worse than expected, and that was before the tsunami of layoffs began, Sal Guatieri from BMO Capital Markets Economics reports. Key quotes “Nonfarm payrolls plunged 701,000, ending a record string of 113 straight advances in crushing manner. The decline was 7 times greater than the Reuters' consensus median, and came close to the worst month of the Great Recession.” “The unemployment rate soared to 4.4%, the highest since the summer of 2017, from the 50-year low of 3.5%. More recent claims figures put the rate closer to 10%, if not higher.” “The index of… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
