Bank of America forecasts a 'shocking' 22 million jobs lost in April, unemployment spike to 15%
Friday's April jobs report should go down in infamy, Bank of America economists wrote in a Wednesday note.
The bank forecasts that the report will show a "shocking loss" of 22 million jobs in April and expects the unemployment rate to jump to 15% from"The April employment report will reveal unprecedented job losses as the economy has been shut down to control the spread of COVID-19," a group of economists led by Alexander Lin wrote in a Wednesday note.
"Large increases in unemployment will keep the participation rate relatively steady," Lin wrote. "But a much lower-than-expected unemployment rate might not be reason to cheer as it will probably be accompanied by a collapse in labor force participation.
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