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Goldman May Payrolls Preview

A few brief excerpts from a note by Goldman Sachs economist Spencer Hill, et. al.:
We estimate nonfarm payrolls declined by 7.25 million in May … Downward revisions to April payrolls are also likely, in our view.
...
We estimate the unemployment rate rose from 14.7% to 21.5%.

In interpreting tomorrow’s report, we will again pay special attention to the number and share of workers on furlough or temporary layoff.
emphasis added

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