Do you remember last weeks’ 3.2 million unemployment? Well… swirl it around and make it double!

Do you remember last weeks’ 3.2 million unemployment? Well… swirl it around and make it double!

6.6 million people filed for unemployment. What’s left to say?

Earlier today, the Department of Labor released its weekly report regarding the unemployment claims. As containment measures are still in force, the number of people left without work has increased.

Today was a day for records, as more than 6.6 million filed for unemployment in just one week. It exceeded the expectations, which were of around 4-5 million claims, with a high of 9 million.There is nothing to show other than an economy that is deteriorating with the speed of light.

David Mericle, an economist at Goldman Sachs, believes that "Claims are likely to remain elevated throughout April, especially as more business owners and workers learn about the more generous unemployment insurance benefits included in the Phase 3 legislation."

The U.S. stocks lost the little gain that they had in early trading, with USA30 dropping more than 100 points when news hit the cables.

Now, the next big event will be on Friday, the Non-Farm Payrolls. The forecast doesn’t look rosy at all.

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

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The information presented herein is prepared by CAPEX.com and does not intend to constitute Investment Advice. The information herein is provided as a general marketing communication for information purposes only and as such it has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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.

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