The coronavirus pandemic has sent shockwaves through the global economy, and investors got another pulse check on employment when the U.S. Labor Department released weekly jobless claims Thursday morning.
After three consecutive weeks of jobless claims in the millions, another 5.245 million Americans filed for unemployment benefits for the week ending April 11. Since June 2009, the U.S. economy added over 20 million jobs. But in just the last four weeks, the number of unemployment claims have reached 22 million.
Continuing claims, which lags the initial jobless claims data by one week, hit a record 11.976 million for the week ending April 4 after the previous week’s 7.455 million. Consensus estimates were for 13.26 million continuing claims for the week. “While we believe the magnitude of increases in claims have moved passed the peak, the cumulative number is still rising, likely reaching the range of 25 million over the next few weeks,” Morgan Stanley economist Jan Kozak said in a note Wednesday.“There is some evidence that states that implemented lockdowns earlier are seeing their claims numbers ease .
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