I’m sure Trump will be blamed by the left, who are clicking their heels over the horrible news.
They longed for their crisis, they got it.
Americans displaced by the coronavirus crisis filed unemployment claims in record numbers last week, with the Labor Department reporting Thursday a surge to 3.28 million.
The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982. The previous week, which reflected the period before the worst of the coronavirus hit, was 282,000, which was higher than expected at the time.
Consensus estimates from economists surveyed by Dow Jones showed an expectation for 1.5 million new claims, though individual forecasts on Wall Street had been anticipating a much higher number. The surge comes amid a crippling slowdown brought on by the coronavirus crisis.
Despite the news being even worse than expected, the major stock indexes opened more than 2% higher (4.1% as of this writing-bfh), wiping out what had been sharp earlier losses.
“This was way bigger than we thought and the market’s still moving higher,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab. “That’s a very encouraging sign that we may be in a bottoming process.”
“We’ve known this number was coming for a week and a half,” said Tom Gimbel, founder and CEO of the LaSalle Network, a Chicago-based employment agency. “It doesn’t surprise me at all. When you see a city like Las Vegas get shut down, I don’t know what other options there were than seeing a number like this.”
“This is a unique situation. People need to understand, this is not a typical downturn,” Federal Reserve Chairman Jerome Powell said earlier Thursday on NBC’s “TODAY.”
“At a certain point, we will get the spread of the virus under control. At that time, confidence will return, businesses will open again, people will come back to work,” he added.