Initial Unemployment Claims set Another Record as they Doubled from Last Week’s Astoundingly bad Record High
Initial unemployment claims are are at levels that one can only fairly call depressionary if this doesn’t turn around in a big way by the end of the year.
Back of the envelope numbers crunching has the U-3 unemployment rate somewhere around 10% to 17% already, and the broader U-6 unemployment rate perhaps 30%.
The torrent of Americans filing for unemployment insurance skyrocketed last week as more than 6.6 million new claims were filed, the Labor Department reported Thursday. That brings to 10 million the total Americans who filed over the past two weeks.
Economists surveyed by Dow Jones had expected 3.1 million for last week, one week after 3.3 million filings in the first wave of what has been a record-shattering swelling of the jobless ranks. The previous week’s total was revised higher by 24,000.
Stock market futures gave up most of their previous gains in the morning but still pointed to a slightly higher open on Wall Street. Get the market reaction here. On an unadjusted basis, the total was 5.8 million, a number that some economists consider more relevant because seasonal adjustments are less relevant due to the unusual impact the […]