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.

Greg posted earlier on the NFP: