Note that the reference week in this month’s job report only went through March 12th. That was before the back to back record weeks of first time unemployment c

Note that the reference week in this month’s job report only went through March 12th. That was before the back to back record weeks of first time unemployment claims of 3mm and 6mm. Despite all that, the job report was still significantly worse than predicted (701k losses vs consensus of 100k losses). Yes, this back of the envelope calculation may be a worst case, but the situation is far worse than a 4.4% unemployment rate. Look for revisions to make this even worse.