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| US unemployment shatters record, surpassing 3 MILLION claims | |
| (about 2 hours later) | |
| The US Labor Department reported on Thursday a record number of jobless claims which surged to 3.28 million. The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982. | |
| The surge in unemployment comes amid a global economic slowdown caused by the coronavirus pandemic, as businesses across the US are on lockdown in an effort to contain the outbreak. | The surge in unemployment comes amid a global economic slowdown caused by the coronavirus pandemic, as businesses across the US are on lockdown in an effort to contain the outbreak. |
| The number of claims is much worse than expected as economists surveyed by Dow Jones projected 1.5 million new claims. Individual forecasts on Wall Street anticipated a much higher number. | The number of claims is much worse than expected as economists surveyed by Dow Jones projected 1.5 million new claims. Individual forecasts on Wall Street anticipated a much higher number. |
| According to statistics, the four-week moving average, which smooths out weekly distortions, was 1,731,000. That is an increase of 27,500 from the previous week’s revised average. | According to statistics, the four-week moving average, which smooths out weekly distortions, was 1,731,000. That is an increase of 27,500 from the previous week’s revised average. |
| Prior to the pandemic, which has forced many businesses to shut down, initial claims had been around the low 200,000s each week, reflecting a strong job market. | Prior to the pandemic, which has forced many businesses to shut down, initial claims had been around the low 200,000s each week, reflecting a strong job market. |
| Economists say the US economy could fall into a recession in the second quarter, before recovering later this year after the spread of coronavirus slows. | Economists say the US economy could fall into a recession in the second quarter, before recovering later this year after the spread of coronavirus slows. |
| “There is going to be a lot of hardship for a lot of people,” Gus Faucher, chief economist of the PNC Financial Services Group, told the Guardian, adding that he expects to see a “solid rebound” by the summer if the virus is contained by then. | “There is going to be a lot of hardship for a lot of people,” Gus Faucher, chief economist of the PNC Financial Services Group, told the Guardian, adding that he expects to see a “solid rebound” by the summer if the virus is contained by then. |
| Despite the worsening situation with the spreading virus, US President Donald Trump said this week that he would like the country “opened up and just raring to go by Easter.” | Despite the worsening situation with the spreading virus, US President Donald Trump said this week that he would like the country “opened up and just raring to go by Easter.” |
| On Wednesday, Trump tweeted: “The real people want to get back to work ASAP. We will be stronger than ever before!” | On Wednesday, Trump tweeted: “The real people want to get back to work ASAP. We will be stronger than ever before!” |
| Statistics showed that there are now almost 69,000 confirmed cases of Covid-19 in the US and 1,037 reported deaths, up from 302 last weekend. | Statistics showed that there are now almost 69,000 confirmed cases of Covid-19 in the US and 1,037 reported deaths, up from 302 last weekend. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |