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nemployment claims are skyrocketing across the U.S.

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发表于 5 天前 | 显示全部楼层 |阅读模式
The COVID-19 pandemic is wreaking havoc on the U.S. economy, and data released Thursday morning is expected to reflect the severe damage being done to the labor market.The number of Americans filing for unemployment is expected to have skyrocketed to a record-breaking 1.64 million for the week ended March 21, according to economists polled by Bloomberg. The previous record was 695,000 claims filed the week ended October 2, 1982. Initial jobless claims for the week ended March 14 jumped by 70,000 claims to 281,000 and was the largest single-week increase since the Great Recession.“In previous deep recessions, most notably in 2008 and 1980, initial claims during the worst four weeks of the recession would total 2 [million], Nomura economist Lewis Alexander wrote in a note to clients March 22. “That is consistent with the shock from COVID-19 compressing a significant deterioration in the labor market into a much shorter period relative to previous contractions.” Uncertainty is high, and so is the range of estimates for Thursday’s report is unusually wide. Economists at Citi estimate claims will explode to 4 million. Meanwhile, UBS economists estimate the tally will come in at 860,000. Read more PGSLOT
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