Illustration: Eniola Odetunde/Axios

The April jobs report comes tomorrow. It will be almost incomprehensibly grim.

Why it matters: The report will tell us a lot of what we don't know about the coronavirus-ravaged job market: how widespread the job losses are by industry and demographic, how many layoffs are temporary, and whether worker pay has been cut.

The headline number will be the unemployment rate, which is expected to hit 16%. The best estimate for peak unemployment during the Great Depression is that the number hit 25%.

  • In two months, the rate will have more than quadrupled.
  • 22 million net jobs are expected to have been lost during the Labor Department's survey period, which ended in mid-April.

Of note: You're only counted as unemployed if you're actively looking for work. But because of state-imposed lockdowns, many Americans aren't looking for work.

  • Broader measures of joblessnesslike the U6 — may paint a more useful, and even bleaker, picture.

The bottom line: Economists warn the key figures from the report may understate the devastation of job losses.

  • The report "wasn't designed for a pandemic, and it is unclear how well it will capture all the unusual nuances that the current crisis presents," as the New York Times points out.

Go deeper

A quandary for state unemployment agencies

Illustration: Aïda Amer/Axios

State agencies charged with paying unemployment benefits to jobless residents have their backs against the wall as they rush to parse President Trump's executive actions on coronavirus aid.

Why it matters: States are being asked to pitch in $100 per unemployed resident, but it’s a heavy lift for cash-strapped states that are still unclear about the details and may not opt-in at all. It leaves the states and jobless residents in a state of limbo.

Updated 37 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

France reported more than 2,500 new COVID-19 cases in 24 hours — the largest single-day number since May. French officials said the situation was "clearly worsening," per France 24.

By the numbers: Over 745,600 people have died of the novel coronavirus globally and over 20.4 million have tested positive, per Johns Hopkins. Almost 12.7 million have recovered from the virus.

Biden campaign raises $26 million in 24 hours after announcing Harris as running mate

Joe Biden and Kamala Harris. Photo: Olivier Douliery/AFP via Getty Images

Joe Biden's campaign announced on Wednesday that it raised $26 million in the 24 hours after revealing Sen. Kamala Harris as his vice presidential pick.

Why it matters: The cash influx signals that Harris has helped the Democratic presidential campaign pick up steam. Nearly 150,000 contributors were first-time donors, according to the campaign statement.