The US Nonfarm Payrolls report scheduled for release at 12:30 GMT on Friday is expected to show the economy shed 21.85 million jobs in April to hit the largest number since records began in 1939, according to economists polled by Refinitiv. The poll says the jobless rate soared to 16%.

The economy lost 701,000 jobs in March. That was the worst report since 2009. 

If payrolls drop by 21.85 million in April, the combined two-month decline would wipe out all jobs gained over the past decade. The economy added 22.8 million jobs between March 2010 and February 2020, according to the Bureau of Labor Statistics.