Unemployment could reach 15% in coming months: Goldman economist

Jan Hatzius, Goldman Sachs chief economist, joins "Squawk on the Street" via phone to discuss the latest jobs numbers.

The government’s survey of establishments painted a grim picture of the U.S. employment situation through early March, but its poll of households was far worse.

The household survey, which asks individual residents how many people are working there, showed a stunning drop of 2,987,000 workers for the month.

That compares with the nonfarm payrolls decline of 701,000 reported in the establishment survey and gives another perspective to just how bad the situation has gotten since the economy has all but shut down to protect against the coronavirus spread.

When releasing its headline nonfarm payroll numbers, the government focuses on the establishment survey as it captures a larger sample size and is considered less volatile than the household count. The establishment survey captures about 145,000 businesses and work sites, while its counterpart focuses on 60,000 eligible households and includes agricultural workers.

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