US weekly jobless claims storm past six million as lockdown spreads

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US weekly jobless claims storm past six million as lockdown spreads

On Thursday, the 2nd of April 2020, weekly jobless claims report revealed by the US Labour Department had signalled a further downward glide of the US economy deeper in to a recession territory, as the number of American citizens filing for the unemployment benefits for the first time in their lives had blown past six million, as more US states had stiffened their lockdown measures.

Aside from that, Thursday’s (April 2nd) US weekly initial jobless claim data, widely used as an indicator to the health of US economy, had bolstered views of a raft of analysts that the US economy’s longest economic expansion on record which had been at its eleventh straight years in a row, had winded down at the first quarter of 2020, while multiple analysts had also underscored the requirement of additional monetary stimulus as more than 10 million people in the United States had filed for initial unemployment benefits over the past two weeks.

Meanwhile, adding that the latest bunch of US Labour Department data coupled with an 11-year low US factory orders released yesterday (April 1st), had highlighted the extent of downfall the US economy had been witnessing over the past few weeks, a senior economic advisor at Brean Capital in New York, Conrad DeQuadros said followed by the release of Thursday’s (April 2nd) US Labour department data, “These data underscore the magnitude of the stop-work order that has been imposed on the economy.

The scale of the increase should also focus policymakers on getting the cash into the economy with possibly a fourth fiscal package and additional Fed lending programs. ”