The weakness in U.S. nonfarm payrolls, or rather in employment more broadly, over the months of March-April-May is quite utterly without precedent.
With weekly initial jobless claims having surged near 10 million on a month-over-month basis, the May employment report will, no doubt, show tragic job loss. That being said, the re-opening of America over the month of May offers hope that the job market and the economy is starting to stabilize.
In this episode, MUFG U.S. Rates Strategist, John Herrmann, previews the May employment report, including his forecasts for non-farm payrolls and the unemployment rate. He also explores the implications of those forecasts for the Federal Reserve and the yield curve.
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