Morgan Stanley's chief economist sees nearly 17 million jobs lost within the second quarter — with the per centum climbing to just about 13%
Morgan Stanley's chief economist is projecting the loss of nearly 17 million jobs within the second quarter because the coronavirus triggers a significant economic slowdown.
Morgan Stanley's chief economist is projecting the loss of nearly 17 million jobs within the second quarter because the coronavirus triggers a significant economic slowdown.
Morgan Stanley's Ellen Zentner also expects the per centum is projected to leap to 12.8% within the quarter, a Morgan Stanley analyst told clients in a very note.
"Historic levels of headcount reductions are anticipated within the coming few months," analyst Steven Wald wrote within the note which was focused on makers of human resources management software..
Unemployment rate
The chief US economist of Morgan Stanley expects nearly 17 million jobs are going to be lost within the second quarter of this year because the economy reels from the coronavirus crisis.
Morgan Stanley's Ellen Zentner expects the per centum to leap to 12.8% within the quarter because the pandemic takes its toll on businesses, many of which have already started shedding jobs, an analyst with the nondepository financial institution told clients in a very note.
"Historic levels of headcount reductions are anticipated within the coming few months," analyst Steven Wald wrote within the note, which was focused on makers of human resources management software..
Zentner projects a net loss of 700,000 jobs in March and an per centum of 4.2%, he said.
But Zentner also expects the economic situation to boost, marked by a "quick reversal for several of the upfront job losses," Wald said.
Unemployment rate
But that's not visiting happen until the second quarter of 2021, when Zentner expects the per centum to drop below 7%, Wald said.
Morgan Stanley had also predicted that 200,000 people will become infected with the coronavirus within the coming days. Other giants of the financial services industry have also projected the loss of scores of jobs because the pandemic triggered a significant economic slowdown
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