The jobs picture, coronavirus response proto…

I am waiting for the jobs numbers out of the US as I begin this post. On Wednesday, we got a preview via the private sector unemployment numbers released by ADP. They showed a loss of more than 20 million jobs, which was pretty much in line with estimates. Consensus estimates for the official numbers in a few minutes are for a loss of 22 million jobs and an unemployment rate of 16%. Both of these numbers would be the worst since this kind of record keeping began in the US in 1939.

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