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U.S. Initial Jobless Claims Fall to 5.24 Million; Housing Starts Plunge

Economic IndicatorsApr 16, 2020 08:54AM ET
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© Reuters.

Investing.com - The number of Americans applying for initial unemployment benefits rose by 5.24 million last week, the U.S. Labor Department said Thursday, bringing the number of people laid off over the past month to almost 22 million, in an unprecedented surge in unemployment.

The consensus forecast had been for an increase of 5.105 million.

The number of people already receiving benefits increased to 11.98 million, the report said, up from 7.46 million a week earlier.

The record-breaking jump in unemployment has seen the last decade's worth of jobs growth being completely erased in a month.

The dismal figures came a day after data showing a record drop in U.S. retail sales in March and the biggest decline in factory output since 1946.

States and local governments have issued "stay-at-home" or "shelter-in-place" orders affecting more than 90% of Americans to control the spread of Covid-19, the respiratory illness caused by the virus. That has abruptly halted economic activity.

Analysts are predicting the economy, which they believe is already in recession, contracted in the first quarter at its sharpest pace since World War II.

"The decline in economic activity is breathtaking," said Joel Naroff, chief economist at Naroff Economics in Holland, Pennsylvania. "While we will see an initial upturn once the economy reopens, the strength and length of that recovery is not clear at all."

At the same time, separate reports showed that U.S. housing starts tumbled 22.3% to 1.216 million in March, while the Philly Fed manufacturing index plunged to -56.6 in April, the lowest level since 1980.

--Reuters contributed to this report

U.S. Initial Jobless Claims Fall to 5.24 Million; Housing Starts Plunge
 

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Comments (36)
Viktor Delacroix
Viktor Delacroix Apr 16, 2020 8:10PM ET
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still 4 millions every week,why not
Deny Pangnasius
Deny Pangnasius Apr 16, 2020 11:58AM ET
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how to use this app?
Idar Polden
Idar Polden Apr 16, 2020 11:58AM ET
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the moderator will get fired if I let you Know. simple
Idar Polden
Idar Polden Apr 16, 2020 11:02AM ET
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Did anyone expect different? It will be worse before its getting better. look for who is getting inpatientoned and will definitely make bad to worse.
Varga Róbert
Varga Róbert Apr 16, 2020 10:22AM ET
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Markets goes up and ignore heavy things?? What is it? A nursery where children just ignore things and go play forward????
Mark Daline
Mark Daline Apr 16, 2020 10:02AM ET
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It will come out, that China was the cause....., planned? or unplaned.
Horton Gemini
Horton Gemini Apr 16, 2020 10:02AM ET
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trump still responsible for his failure in this
James Holmgren
James Holmgren Apr 16, 2020 9:39AM ET
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If China doesn't win with their covid 19 it won't be Trump's fault. No one can manage a Pandemic and no one ever will
Robert Mascak
Robert Mascak Apr 16, 2020 9:39AM ET
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China will own the world. is alredy buying whatever they want. for cheap. and selling what ever europe need becouse is on luckdown. especially 4 good profits....china rules now...
William Smith
William Smith Apr 16, 2020 9:25AM ET
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These articles act like these reports of a. downturn were unexpected.
Joe Wiggs
Joe Wiggs Apr 16, 2020 9:19AM ET
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In other news, Ivanka Trump traveled to New Jersey to celebrate Passover despite coronavirus guidelines
Jason Chin
Jason Chin Apr 16, 2020 9:19AM ET
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Is it
Nysom Nysom
Nysom Nysom Apr 16, 2020 9:14AM ET
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obviously in my humble opinion dow15,000
Joe Wiggs
Joe Wiggs Apr 16, 2020 9:14AM ET
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I agree
Get Sirius
Get Sirius Apr 16, 2020 9:14AM ET
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Eventually yes. But Trump still has few injections of steroids.
Gamer Turtle
GamerTurtle Apr 16, 2020 9:04AM ET
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it is like online sport betting. the house know the payout and move against the majority. the fact is it is bad, many shorted and continue to short, thus it goes higher regardless of data. the house knows fed is with them too.
Vodka Balalaika
Vodka Balalaika Apr 16, 2020 9:03AM ET
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5 millions a week, total work force is 150. So, we'll have reached a zero employment in October 2020
Show previous replies (1)
Vodka Balalaika
Vodka Balalaika Apr 16, 2020 9:03AM ET
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Jonathan Sutton  did you mean negative employment?
James Holmgren
James Holmgren Apr 16, 2020 9:03AM ET
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Experts agree 1934 unemployment numbers aren't that far off.
Vodka Balalaika
Vodka Balalaika Apr 16, 2020 9:03AM ET
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James Holmgren  and as I remember, the only thing that could overcome that crisis was the WW2
Idar Polden
Idar Polden Apr 16, 2020 9:03AM ET
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US do not have enough kerosene to mage a war anymore. Calm down.
Vodka Balalaika
Vodka Balalaika Apr 16, 2020 9:03AM ET
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Idar Polden  US wages wars almost every year for decades
Mike Vacca
Mike Vacca Apr 16, 2020 9:02AM ET
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I think the markets already factored all this data in and is looking at the 2025 markets. Their wizards on wall street!Lolol
Jim Ch
Jim Ch Apr 16, 2020 9:02AM ET
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2025 was three weeks ago at the bottom. They are now looking at 2026 when the economy finally starts recovering.
HJ Index
HJ Index Apr 16, 2020 9:01AM ET
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people, just sit back and think. do you realize that a lot of us, human, just unnecessary? Yes, in cluding myself. and learn a little about the georgia guidestones.
Derrick Lim
Derrick Lim Apr 16, 2020 8:58AM ET
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I think most of the bad news was already factored in... So market reaction no longer too great
Edward Chong
Edward Chong Apr 16, 2020 8:58AM ET
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yes u are right. but with 22 million unemployed and more to go do u think companies will still generate profits. mkt is defying logics already u can long if u have confidence.
Brian Liu
Brian Liu Apr 16, 2020 8:58AM ET
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Is American really vulnerable to Chinese virus?
Styr Lotus
Styr Lotus Apr 16, 2020 8:56AM ET
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USA collapse ?
Income Clover
Income Clover Apr 16, 2020 8:56AM ET
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You wish russian
Muhamed Jaffir
Muhamed Jaffir Apr 16, 2020 8:56AM ET
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everyone who disagrees with me is a Russian bot...
Dharmesh Palan
Dharmesh Palan Apr 16, 2020 8:49AM ET
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as it is market has already factored all this data during its landslide from 29k to 18k
John El
John El Apr 16, 2020 8:49AM ET
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the market has NOT "factored in" or "baked in" the fact manufacturing and retail indices fell to lowest levels in 40-80 years, 15 million unemployed, housing starts falling 22%, companies reporting 10-70% decreased revenue from same quarter last year. What is with these comment kings saying "it went down its baked in already"?
CT SomyedHengSuay
CT SomyedHengSuay Apr 16, 2020 8:49AM ET
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FED didn't said... " The worse the data numbers come out the worse. Stocks(S&P500 futures) will rise even higher into the sky " Hold my money !!!
Lucas Marcum
Lucas Marcum Apr 16, 2020 8:49AM ET
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the market doesn't seem to care anymore it seems like.
Brad Dover
Brad Dover Apr 16, 2020 8:48AM ET
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it was 1.3 trillion under trump before the virus ....he had a great economy then imagine what your children must be thinking ....this deficit will hit SIX trillion by the time trump is finished.............. A steep economic downturn and massive rescue spending will nearly quadruple the fiscal 2020 U.S. budget deficit to a record $3.8 trillion, a staggering 18.7% of U.S. economic output, a Washington-based watchdog group said on Monday
First Last
HonestComment Apr 16, 2020 8:48AM ET
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boomers saving their asses and leaving the trash to the next generations: MVPs!
Rick Lai
Rick Lai Apr 16, 2020 8:48AM ET
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Agree no more.
Dharmesh Palan
Dharmesh Palan Apr 16, 2020 8:47AM ET
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this is bull trap
Get Sirius
Get Sirius Apr 16, 2020 8:47AM ET
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Not this - Whole stock is a trap
Jawed Saleem
Jawed Saleem Apr 16, 2020 8:47AM ET
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Just in case if you think that numbers are bad, keep in mind that the economy wasn't shut down for all of March. Wait until the April numbers are released. 🙄▪︎A #BlackSwan event likes of which no one has ever seen before. ▪︎Combo of *world war* and *financial crisis* 😟▪︎Don't expect miracles till a vaccine 💉 or cure is available for #Coronavirus #COVID19 🦠.
Alvin Tostig
Alvin Tostig Apr 16, 2020 8:45AM ET
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Only 5 million? I thought it would be 6 at least. Great news for stocks. This shows how fast we are recovering already.
Noel Amparo
Noel Amparo Apr 16, 2020 8:45AM ET
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Recovering? With 5.24 more jobless people? It's a total of 22 million unemployed due to coronavirus. The only thing that's recovering is the stock market thanks to Trump's tweets and FED money printing.
Get Sirius
Get Sirius Apr 16, 2020 8:45AM ET
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I agree 22M lost job in just 1month. That is nothing. With that tempo for 10month nobody will have a jobe but last mont maybe just 3M will lost job so that is recovery, I agree
Get Sirius
Get Sirius Apr 16, 2020 8:44AM ET
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Like I told You. 22M job claims in 1 month and stocks still move up. So I guess 300M job claims and stock will touch all time high. Why not - what economy has to do with stock? Nothing I guess
Qiu Andry
Qiu Andry Apr 16, 2020 8:44AM ET
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anyway, FED can print money as much as they want. doesnt matter
Bipin Kumar
Bipin Kumar Apr 16, 2020 8:43AM ET
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It didn't fell. I think there is system limitation on how many people can file claims within a week. 5-6 million seems to be system limit.
CrackHead Bob
CrackHead Bob Apr 16, 2020 8:43AM ET
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Fully agreed...
John Hen
HeresJohnny Apr 16, 2020 8:43AM ET
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I'm not sure we are seeing celebrating as much as we are seeing opportunity to buy sock at a discount.
Joe Wiggs
Joe Wiggs Apr 16, 2020 8:43AM ET
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Buy if you want. Only small doscount. Better buying opportunities ahead.
 
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