Article Hero

Unemployment Claims exceed 40 million since pandemic started

1590675522.jpg
Miguel A. Rodriguez
Miguel A. Rodriguez
14 September 2020
Markets rally despite harmful data.

The latest report released by the Labor Department showed there are another 2.12 million people who filed for unemployment benefits in the past week. Although the number is high, it’s lower than last week's 2.4 million. The unemployment rate rose to 14.7% last month, and it is expected to further increase in May.

The insured unemployment rate also dropped to 14.5% from last week's 17.1%.

Overall, since the pandemic started, more than 40 million are without a job; money-wise, the pandemic put on hold more than $21.5 trillion.

Alongside the Unemployment Claims, another report became public. The second report showed that in the first quarter of 2020, the American GDP shrunk by 5%. The US can enter recession territory starting the second quarter if Atlanta's Fed GDP prevision happens – a 41.9% drop. The majority of analysts believe that the economy will rebound in the second half of the year once the restrictions lift.

The American benchmarks barely reacted, as they seem to be immune to negative data. USA30 is up 0.23%, while USA500 added 0.20%.  TECH100 is on the red territory, trading around 0.15%.  

Sources: marketwatch.com, forexfactory.com,cnbc.com

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

Share this article

How did you find this article?

Awful
Ok
Great
Awesome

Read More

Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.