The economic fallout from the coronavirus pandemic continues to mount. The U.S. Department of Labor reported 11.976 million continuing jobless claims for the week of April 5 on Thursday — far exceeding the previous week’s record of 7.455 million, but well below economists’ consensus estimate of 13.5 million.
Initial jobless claims slowed week-over-week from 6.606 million to 5.245 million, just above economists’ forecast for 5.105 million.
“All of the last decade in job gains will be undone in four weeks, which is a truly stunning statistic,” Deutsche Bank chief economist Torsten Slok told the New York Times. “It tells you the severity of the situation.”
And the distress isn’t likely over yet.
“We’ve got a little more go. We’re probably three-quarters of the way there,” Mark Zandi, chief economist at Moody’s Analytics, told CNBC about the weekly jobless claims.
Stay-at-home orders have led to furloughs and layoffs, which have led to income reductions, which have hampered American spending.
The Commerce Department reported Wednesday the largest month-over-month decline in retail sales in 30 years.
Industrial production has, in turn, suffered its largest slide since 1946, according to the Federal Reserve.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.