The historic April job losses of 20.5 million and spike in the unemployment rate up to 14.7% were painful, mirroring the lockdown of the US economy.
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The COVID-19 lockdowns have pushed up initial jobless claims over the past six weeks to roughly 30 million nationwide.
The US economy contracted 4.8% in the first quarter, worse than the consensus expectations of -3.9%.
Crude oil’s supply and demand imbalance is unlikely to resolve quickly. In the near term, we expect further price swings and price declines as uncertainties persist.
We see the jobs report as showing good and bad indicators for the economy.The good news is weekly jobless claims have likely peaked.
Executive Summary: US payrolls shed 701,000 workers in March, while the unemployment rate jumped to 4.4%.