Total Employment of Firms in the HY Index Is 11 Million People

Apollo Chief Economist

Total employment in the US economy is currently around 156 million, and we estimate that total employment of companies in the high yield index is 11 million, and total employment of companies in the leveraged loans index is 8 million, see chart below. With interest rates staying high for at least another year, the downside risks to employment continue to be meaningful.

Source: Bloomberg, ICE BofA H0A0 Index, Morningstar LSTA Index, Apollo Chief Economist. Note: Data includes 858 companies in the HY index with employment data available for 589 companies and median employment assumed for the rest. Similarly, there are 1059 companies in the leveraged loans index with employment data available for 451 companies and median employment assumed for the rest.

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