The latest jobless claim report shows that close to 3 million people filed for the first time for unemployment benefits last week. The 2.98 million exceeded analyst’s expectations of 2.5 million.
In just two months, more than 36 million people have been left unemployed by the pandemic.
On the other hand, analyst expectations were met when they stated that a downtrend would follow. Nomura economist Lewis Alexander believes that "Initial jobless claims will likely moderate further from historic levels in the week ending 9 May." Last week, the most significant number of claims was in Connecticut – 262,542. Overall, the weekly decline was of 195,000.
Nevertheless, experts believe that once the economy fully reopens, everything will go upwards, because the job losses are temporary.
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Sources: cnbc.com, forexfactory.com