The relentless surge of US jobless figures is expected to grow by another 3 million when official data is released on Thursday, bringing the total to 33 million Americans laid off in under two months.
Economists also expect that once the US Labor Department to report is published, the following day’s unemployment rate data will spike sharply.
Barclays chief US economist Michael Gapen said: “It’s accurate to say the unemployment rate moved higher than many had expected. We think it will be 19% in April.”
The US national shutdown due to the coronavirus pandemic has had a startling effect on joblessness across the US witch factories and retailers laying of millions of workers in a few short weeks.
In the week ended 25 April, 3.8 million Americans filed for jobless claims and the figure was higher than what economists were expecting. Over the last six weeks, 30 million Americans have filed for jobless claims. This has led to protests across the country calling for the reopening of the economy, despite top US scientists saying risks to health still remain high.
To put that figure in perspective, the US economy has erased all job gains since the 2008-2009 global financial crisis. Over the last six weeks, jobless claims have been in millions every week. Even at the height of the global financial crisis, the jobless claims in any week did not surpass the million mark.
76.4% of retail investor accounts lose money when trading CFDs with this provider.
Total Number of Stocks & Shares+2000
Charge per Trade
FTSE 100Zero Commission
Users should remember that all trading carries risks and users should only invest in regulated firms. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Mohit Oberoi is a freelance finance writer based in India. he has completed his MBA with finance as majors and also holds a CFA charter. He has over 13 years of experience in financial markets. He has been writing extensively on global markets for the last six years and has written over 6,500 articles. He mainly covers metals, electric vehicles, asset managers, and other macroeconomic news. He also loves writing on personal finance and topics related to valuation.