Global Macro Service > Research Briefings > United States

Employment preview – Reaching peak job loss

The May jobs report will continue to highlight the devastating impact from the GCR but may represent a peak in the cumulative job losses. We anticipate an additional 6.4mn job loss as the U3 unemployment rate rises to 20.7% and the participation rate drops below 60%. The hardest-hit industries such as leisure and hospitality, retail and healthcare will see no respite.

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