1:34 PM · 8 May 2020

BREAKING: Massive 20.5M decline in payrolls !

The US economy shed a record 20.5 million jobs in April, which is the biggest monthly decline in the data going back to 1939, with the previous record being ‘only’ a -1.959m decline back in September 1945 just as WWII ended. Today's reading came below analysts' expectations of 22000k. The spread of the coronavirus forced government to implement a full month lockdowns in several US states, which put additional pressure on the labor market. In March, the US economy shed 701K jobs.

EURUSD dropped lower after the publication of today's NFP report. Source: xStation5

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