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Jobless claims soar to record-breaking 6.648 million
PRIOR WEEK REVISED UPWARD to 3.307 MILLION
The COVID-19 pandemic rages on, and the damage being done to the U.S. economy is only getting worse.
The U.S. Labor Department released fresh data on Thursday morning that showed the affect of the novel coronavirus on employment in the U.S. The number of Americans filing for unemployment benefits spiked to a record-breaking 6.648 million for the week ended March 28. Consensus expectations were for 3.76 million claims. The prior week’s figure was revised higher to 3.307 million claims from 3.283 million. Prior to the week ended March 21, the previous record was 695,000 claims filed the week ended October 2, 1982.
“This week’s claims data are likely to serve as another reminder of the historic nature of the current economic contraction,” Nomura economist Lewis Alexander wrote in a note to clients Tuesday. “The sharp increase reflects a significant, and sudden, deterioration in the labor market as many businesses, facing plummeting consumer demand and mandatory closures, furlough workers.”
Though consensus estimates were for 3.7 million initial jobless claims for the week ended March 28, the range of estimates on Wall Street were wide, but the major firms expect the number to be in the millions. On the high end, Goldman Sachs expected 6 million claims for the week. Not far behind were Bank of America and Pantheon Macroeconomics expecting 5.5 million claims, while on the lower end, JPMorgan Asset Management predicted 2 million claims.
“Claims are likely to remain elevated throughout April, especially as more business owners and workers learn about the more generous unemployment insurance benefits included in the Phase 3 legislation,“ Goldman Sachs economist David Mericle argued.
more:
https://finance.yahoo.com/news/coron...165758189.html
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