March payrolls were bad, but April payrolls will be worse. How does the rest of the U.S. April employment report shake out? The massive government stimulus should help reverse these declines. The question is how much— and for how long.

In this episode, MUFG U.S. Rates Strategist, John Herrmann, previews the May employment report, explores implications of the U.S. government's paycheck protection program, and discusses his medium term forecast for the U.S. labor market and broader economy.

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Download: Historically sharp job loss to be unusually short? Or did Chair Powell hint payrolls will be down 30 million? The MUFG Global Markets Podcast (MP3)