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02 Apr 2020 | 13:41

Initial US jobless claims soar during latest week

(Sharecast News) - US jobless claims surged even further last week as businesses rushed to shutter activity, surpassing even the most downbeat estimates. According to the Department of Labor, during the week ending on 28 March, the number of initial jobless claims soared by 6.648m following an upwardly revised jump of 3.307m during the prior week.

Needless to say, it was the largest weekly increase ever.

The median forecast from the consensus was for a rise of 3.375m, although some economists, such as those at Pantheon Macroeconomics, had been anticipating a gain of 5.5m.

The four-week moving average meanwhile rose by 1,607,750 to hit 2.612m.

Initial jobless claims for the week before were originally reported at up by 3.283m.

Secondary unemployment claims meanwhile, which are those that are not being filed for the first time and which reference the week ending on 21 March, soared by 1.245m to 3.029m.

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