USA: 36 million jobs lost in the past 2 months

By: Miguel A. Rodriguez

09:45, 14 September 2020

Millions more lost their job in the past week.

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.  

USA30 lost 330 points. USA500 and TECH100 lost 0.9%, and 0.8%, respectively. 

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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.