US: Jobs report is already outdated – Danske Bank

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The US jobs report is considered perhaps the most important economic indicator, but the jobs report for March due out on Friday is already outdated before it is released, economists at Danske Bank apprise.

Key quotes

“The jobs report is based on the pay period covering the 12th of the month, which is before the US really started to lock down. Instead, the focus is on the initial jobless claims for last week, which is due out tomorrow Thursday.”

“If claims have risen by another 3.5m, the April jobs report will show a decline in employment of at least 7m but, unfortunately, probably more.” 

“As the jobs report is already outdated, we do not expect it to be a major market mover this week.”

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