Projections See Worse May Unemployment

The forecasts coming in for May unemployment are grim, with economists saying that an additional 10.3 million jobs could be lost in May, on top of the 20.3 million in April.

“It is looking like May is shaping up to be worse for the labor market than we had initially thought,” said economists at Jefferies.

CNBC reported them saying: “We noted in our response to the April employment data that we expected that we would see another drop in payrolls in May of about 1 million, followed by a strong rebound in June. However, the stubbornly high levels of both initial and continuing claims suggest that we are actually in store for another historic drop in payrolls in May.”