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Viktor Delacroix
Apr 16, 2020 8:10PM ET
still 4 millions every week,why not
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💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
U.S. Initial Jobless Claims Fall to 5.24 Million; Housing Starts Plunge
© 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
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Comments (36)
Deny Pangnasius
Apr 16, 2020 11:58AM ET
how to use this app?
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Idar Polden
Apr 16, 2020 11:58AM ET
the moderator will get fired if I let you Know. simple
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Idar Polden
Apr 16, 2020 11:02AM ET
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.
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Varga Róbert
Apr 16, 2020 10:22AM ET
Markets goes up and ignore heavy things?? What is it? A nursery where children just ignore things and go play forward????
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Mark Daline
Apr 16, 2020 10:02AM ET
It will come out, that China was the cause....., planned? or unplaned.
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Horton Gemini
Apr 16, 2020 10:02AM ET
trump still responsible for his failure in this
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James Holmgren
Apr 16, 2020 9:39AM ET
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
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Robert Mascak
Apr 16, 2020 9:39AM ET
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...
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William Smith
Apr 16, 2020 9:25AM ET
These articles act like these reports of a. downturn were unexpected.
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Joe Wiggs
Apr 16, 2020 9:19AM ET
In other news, Ivanka Trump traveled to New Jersey to celebrate Passover despite coronavirus guidelines
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Jason Chin
Apr 16, 2020 9:19AM ET
Is it
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Nysom Nysom
Apr 16, 2020 9:14AM ET
obviously in my humble opinion dow15,000
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Joe Wiggs
Apr 16, 2020 9:14AM ET
I agree
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Get Sirius
Apr 16, 2020 9:14AM ET
Eventually yes. But Trump still has few injections of steroids.
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GamerTurtle
Apr 16, 2020 9:04AM ET
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.
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