Separation by industry noted the largest decline in trade and transportation services (-826K) and manufacturing (-719K).
For global demand for risky assets, it is positive that the overall decline is significantly smaller than expected. It is also worth considering that this report contains data before May 12th. It is consistent with the estimated period for Friday’s official NFP statistics. Still, it may turn out to be significantly worse than the real picture as in the second half of May many states seriously relaxed coronavirus restrictions.
The FxPro Analyst Team