Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

U.S. Initial Jobless Claims Leap to Record 6.65 Million

Economic Indicators Apr 02, 2020 08:31AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Noreen Burke

Investing.com - The number of Americans applying for initial unemployment benefits surged to a new record 6.65 million last week, the U.S. Labor Department said on Thursday, as the full impact of the fallout from the coronavirus pandemic on the labor market became apparent.

The increase dwarfed the prior week’s figure of 3.28 million and eclipsed the previous record of 695,000 set in 1982.

The number of people already receiving benefits increased to 3.029 million, the report said.

Ahead of the report, Goldman Sachs had revised up its estimate for jobless claims to 6 million, adding it expected claims to remain very elevated in the coming weeks.

"Jobless claims will be the timeliest hard data point for assessing the depth of the recession and catching the start of the recovery," Goldman Sachs economists wrote in a note to clients.

The numbers come ahead of the Labor Department's nonfarm payrolls report for March on Friday. Due to the timing of the survey period for the government report it likely preceded the worst of the impact on the labor market.

Economists still expect the figures to show a loss of 100,000 jobs.

A report from payroll processor ADP on Wednesday showed that the U.S. private sector shed 27,000 jobs in March, but took March 12 as its cut-off date, before the worst of the impact of the pandemic on the U.S. labor market was seen. It was still the first decline in private sector hiring since September 2017.

--Reuters contributed to this report

U.S. Initial Jobless Claims Leap to Record 6.65 Million
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (44)
George Pichurov
George Pichurov Apr 03, 2020 1:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I think its about time markets stop following Trump tweets and focus on s(t/c)reaming economic data.
jemin An
jemin An Apr 02, 2020 7:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
No worry, next week number be rocket, then Trump will Twittering another Big lie.
pimpin pips
pimpin pips Apr 02, 2020 12:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
good news is bad news when your smoking stocks. At least whe mn someone's willing to pay for your stock habits because they will get smoked unless we start not evaluating based on eps pe revenue growth guidance
jemin An
jemin An Apr 02, 2020 12:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump, do not lie to people concern oil, but mind unemployment. Kremlin making fun of Trump's lie.
George Pichurov
George Pichurov Apr 02, 2020 11:59AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Any idea why this news should  launch the stocks into orbit?
AROB Trade
AROB Trade Apr 02, 2020 11:00AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Even IF Trump ends the oil war. Where are they going to drum up demand again during global economic shutdown?
jemin An
jemin An Apr 02, 2020 10:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
shale stocks rocket as Trump's unreliable talks, but oil price war last long, and many of them will be bankrupted. after then as the strategy of oil price war, Russia and Saudi can have dialogue.
jemin An
jemin An Apr 02, 2020 10:42AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Oil surge 25%, just rip service of Trump. so easy to make a deal with Putine and Saudi? No way.
AROB Trade
AROB Trade Apr 02, 2020 10:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Who the *******is sitting at home (on quarantine during a global economic shutdown) and buying stocks in the face of almost definite 47million unemployed by the end of this nightmare, thinking 100% of those unemployed people will just get hired back by strugglomg/bankrupt companies? Even if half were instantly hired back (highly unlikely), that would still be an economic nightmare that no amount of printing will fix. All this additional printing will do is cause inflation. To fight inflation fed would have to raise interest rates. Think about what raising interest rates would do to this powder keg? And if you don’t know the answer to that question, then BTFD! Hahahaha!!!
Kaveh Sun
Kaveh Sun Apr 02, 2020 9:55AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump can order companies to produce enough test kits for all american. A test kit cost about 30usd or less to make. If we test all and isolate them, it will cost max 50billions and we dont have to be in this mess.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email