A new low in employment figures from the weekly jobless claims

A new low in employment figures from the weekly jobless claims

The new report released by the Department of Labor cast a dark cloud over the American economy.

Compared to last week’s 5.2 million people, the new report seems to be an improvement. In just five weeks, the pandemic managed to dissolute 11 years worth of job creation. Due to the containment measures, only in the last week, more than 4.427 million people filed for unemployment benefits, according to data released by the Department.


The most layoffs happened in California, with 533,000 claims. It is an improvement since last week's 655,000.


Overall, more than 26.45 million people are unemployed. It is a much more significant number than the 22,44 million jobs in the non-farm sector since 2009.


Analysts expect the worst after the report for the whole month of March revealed an unemployment rate of 4.4%. It was the most significant drop since March 2009. Also, more layoffs are in sight. The unemployment rate exceeded 20%.


Although there are millions of layoffs, from now on, the trend line should be slightly decreasing, economists believe.


Over the past couple of weeks, the American indices became somewhat immune to the shocking unemployment numbers and moved very little. Today USA30 and USA500 opened 0.4% higher, while TECH100 gained 0.3%.


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Sources: forexfactory.com, yahoo.com, cnbc.com

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Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.

Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.