April 6, 2020

Fathom’s Chart of the Day 06.04.2020: US payrolls contract sharply

by Fathom Consulting.

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US payrolls contracted by 701,000 in March according to data released on Friday. This is a huge contraction, which on its own would normally lead equities to fall and price in a major recession. But, unfortunately, these data will pale into insignificance when April payrolls are released. The March contraction was measured at a reference date before most of the lockdowns in the US were implemented. April is likely to see a fall in payrolls of 20 million or even more.

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