Goldman Sachs now sees US unemployment rate peaking at 25% - Bloomberg

Goldman Sachs economists David Mericle and Ronnie Walker estimate that the US jobless rate will peak at 25% versus the previous forecast of 15%, according to Bloomberg. 

The forecast for the peak jobless rate has been revised higher following last Friday's Nonfarm Payrolls report, which showed a record contraction in job growth in April and a rise in the jobless rate to 14.7% - the highest since the Great Depression era.

Key quotes

More workers will lose their jobs and a larger share of them will be classified as unemployed.

The rate would then remain near 10% at year-end, near the highs of the last recession.