The U.S. releases the April non-farm payrolls report later on Friday. What is the outlook for this key event?
Here is their view, courtesy of eFXdata:
Bank of America Global Research discusses its expectations for the US jobs report for the month of April.
“The April employment report will reveal unprecedented job losses as the economy has been shutdown to control the spread of COVID-19. We forecast 22 million in nonfarm payroll losses and a massive spike in the unemployment rate to 15% from 4.4% in March,” BofA notes.
“Meanwhile, average weekly hours should plunge to a new record low of 33.5, though this should have a side effect of boosting wage growth by 1.0% mom or 3.9% yoy as impacted workers will skew towards low-to-medium wage,” BofA adds.
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