logo |

News

    Home   >     Industry    >     Main body

    Morgan Stanley projects 17 million jobs lost in the second quarter - Business Insider

    Abstract:Nearly 17 million jobs could be lost in the second quarter, pushing unemployment to 13%, according to Morgan Stanley's chief economist.

      Morgan Stanley's chief economist is projecting the loss of nearly 17 million jobs in the second quarter as the coronavirus triggers a major economic slowdown.Morgan Stanley's Ellen Zentner also expects the unemployment rate is projected to jump to 12.8% in the quarter, a Morgan Stanley analyst told clients in a note.“Historic levels of headcount reductions are anticipated in the coming few months,” analyst Steven Wald wrote in the note which was focused on makers of human resources management software..Click here for more BI Prime stories.

      The chief US economist of Morgan Stanley expects nearly 17 million jobs will be lost in the second quarter of this year as the economy reels from the coronavirus crisis.Morgan Stanley's Ellen Zentner expects the unemployment rate to jump to 12.8% in the quarter as the pandemic takes its toll on businesses, many of which have already started shedding jobs, an analyst with the investment firm told clients in a note.“Historic levels of headcount reductions are anticipated in the coming few months,” analyst Steven Wald wrote in 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 unemployment rate of 4.2%, he said. But Zentner also expects the economic situation to improve, marked by a “quick reversal for many of the upfront job losses,” Wald said.

      But that's not going to happen until the second quarter of 2021, when Zentner expects the unemployment rate to drop below 7%, Wald said.Morgan Stanley had also predicted that 200,000 people will become infected with the coronavirus in the coming days. Other giants of the financial services industry have also projected the loss of millions of jobs as the pandemic triggered a major economic slowdown.Got a tip about a tech company? Contact this reporter via email at bpimentel@businessinsider.com, message him on Twitter @benpimentel or send him a secure message through Signal at (510) 731-8429. You can also contact Business Insider securely via SecureDrop.

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United States Dollar
    Convertible Amount
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.

    ×

    Select Country/Area