The bank's projection comes despite the latest jobs report showing that the U.S. labor market is in decent shape.
In December 2022, total nonfarm payroll employment rose by 223,000, beating economists' expectation of a 200,000 increase. It also means that America's job growth is heading in the right direction.
However, Bank of America expects nonfarm payroll gains to turn negative this year. During the first quarter of 2023, the bank projects that the U.S. will lose roughly 175,000 jobs monthly.