The economic calendar had a significant event today: the Unemployment Claims. For this week, economists predicted 1.6 million jobless claims, as a multitude of businesses have been closed because of the Coronavirus outbreak.
Unemployment claims is the report which presents the number of individuals who filed for unemployment insurance for the first time during the past week, as seen on Forexfactory.com. It is released weekly, five days after the week ends.
This week’s report was shocking. More than 3.2 million people filed for unemployment support last week.
This is a negative record for the U.S.A. The last extreme number was in 1982 when approximately 700,000 people requested unemployment benefits.
The Coronavirus was ruthless over the jobs market, making a big part of the labor force shut down. Jon Hill, strategist at BMO, believes that this report “It will be closely watched as a measure of how violent the shutdowns have been to the labor market,” “You have 15.8 million people working in leisure and hospitality, and you just shut down the industry.”
Moreover, a 7% decrease in GDP is expected over the second quarter.
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Sources: cnbc.com, theguardian.co, forexfactory.com, cnn.com
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