'I don't want to sugarcoat any of this because it's so difficult. I don't think the numbers are going to turn up in the next few weeks,' Larry Kudlow cautioned.
"If you want a glimmer of hope Jeanine, on the job numbers out yesterday, the 20 million loss, about 80 percent were furloughs, they were temporary layoffs, as reported by the individuals who were surveyed," he said.
The Department of Labor released its much anticipated April jobs report on Friday, showing that more than 20 million jobs had been lost in the month as the official unemployment rate jumped to 14.7 percent. That's a double-digit surge of more than 11 percent since February, when unemployment remained at a historic low of 3.5 percent.
"This is by far the largest contraction in the history of the data series, which goes back to 1939. To put that in perspective, prior to this month the largest monthly contraction came in September 1945, when the economy lost 1.96 million jobs," Ryan Detrick, senior market strategist for LPL Financial, said in a statement emailed toEconomists have previously predicted that the unemployment rate could rise to somewhere between 20 percent and 30 percent in the coming months.
"I struggle to even put into words how large this drop is. It's as if all the gains in employment since 2000 were wiped out," Elise Gould, senior economist at the Economic Policy Institute,in response to the April jobs report."Total job losses over the last two months would fill all 30 currently empty Major League Baseball stadiums 16 times over.
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