rtmark
LearnBonds.com

Monday view: US jobless claims set to top 33 million

Mohit Oberoi
Author: Mohit Oberoi

Last Updated: May 4, 2020
US-virus-jobs-protests

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.

Barclays Gapen is also skeptical about how well the US Government’s Paycheck Protection Program (or PPP) is working.

He said, “The unemployment rate is telling you it’s not as successful as we had hoped it would be. Programs like the PPP were expected to keep workers on payrolls. So far, that wasn’t the case.”

Note: You can check our recommended brokers for trading Amazon stock. If you’re interested in raising finance to see you through this tough period, see our recommended loan providers here.

Trusted & Regulated Stock & CFD Brokers

Rating

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission

Rating

64 traders signed up today

Visit Now

75% of investors lose money when trading CFDs.

Available Assets

  • Total Number of Stocks & Shares5000+
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 Zero Commission
  • NASDAQ Zero Commission
  • DAX Zero Commission
  • Facebook Zero Commission
  • Alphabet Zero Commission
  • Tesla Zero Commission
  • Apple Zero Commission
  • Microsoft Zero Commission

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
  • Paypall
  • Skrill
  • Neteller

Rating

What we like

  • Sign up today and get $5 free
  • Fractals Available
  • Paypal Available

Min Deposit

$0

Charge per Trade

$1 to $9 PCM

Rating

Visit Now

Investing in financial markets carries risk, you have the potential to lose your total investment.

Available Assets

  • Total Number of Shares999
  • US Stocks
  • German Stocks
  • UK Stocks
  • European Stocks
  • EFTs
  • IPOs
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 $1 - $9 per month
  • NASDAQ $1 - $9 per month
  • DAX $1 - $9 per month
  • Facebook $1 - $9 per month
  • Alphabet $1 - $9 per month
  • Telsa $1 - $9 per month
  • Apple $1 - $9 per month
  • Microsoft $1 - $9 per month

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
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

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.