Greg posted earlier on the NFP:
Via GS, what they expect:
- nonfarm payrolls declined by 24 million in April
- unemployment rate rose from 4.4% to 14.0%
And:
- In interpreting tomorrow's report, we will pay special attention to the number and share of workers on furlough or temporary layoff.
That drop of 14 million is awful … but there is a but … the consensus market estimate is much worse, circa 21.7 million. So, the market is excpecting bad news, GS expecting not as bad as consensus.
