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Goldman Sachs ups weekly U.S. jobless claim estimate to six million

Published 04/02/2020, 05:11 AM
Updated 04/02/2020, 05:15 AM
© Reuters. FILE PHOTO: The ticker symbol and logo for Goldman Sachs is displayed on a screen on the floor at the NYSE in New York

LONDON (Reuters) - Goldman Sachs (NYSE:GS) said on Thursday it expected the U.S. jobless claims to jump to a record 6 million for March 22-28 week as lockdowns of cities would mean there is even less likelihood of hiring than during a recession.

According to a Reuters survey of economists, initial claims for state unemployment benefits probably climbed to a seasonally adjusted 3.5 million for the week ended March 28. Estimates in the survey were as high as 5.25 million.

Goldman said it expected claims to remain very elevated in the coming weeks.

© Reuters. FILE PHOTO: The ticker symbol and logo for Goldman Sachs is displayed on a screen on the floor at the NYSE in New York

"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.

Latest comments

Tracking about right. remember millions of these employees will go right back to work in June
5.7 millions, and markets gonna rally! WHO cares?
Back to biyjng Gold folks. These nunbers are scay indeed.
Already priced in
Local news reported that the unemployment office is totally overwhelmed by applicants.  People who cannot make contact with the office won't be counted.
do it online
OMG during the GWB disaster we only had 700k as the worst week I am not sure the economy can survive this
This is temporary until so many people get this virus and become immune that it fades away
agreed. The vast majority are temporary layoffs.
Facing the realities, then U can overcome it. After 2Q maybe it will be declined, except no mortgage or share, bank crisis.
so bad news is good news cause more stimulus yes people buy stocks lmao futures
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