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Tech & Science Morgan Stanley expects weekly US jobless claims to spike to a record 3.4 million

16:04  01 april  2020
16:04  01 april  2020 Source:   businessinsider.com.au

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Morgan Stanley chief US economist Ellen Zentner expects that jobless claims released on Thursday will be 3 . 4 million , she told CNBC during a Tuesday interview. Thursday’s report from the Department of Labour will show unemployment claims for one week ending March 21. Job losses of more than 3

US weekly jobless claims spike to a record 3 .3 million as the coronavirus outbreak triggers widespread unemployment. The number of people who filed claims for unemployment insurance in the US last week surged to an all-time high as the coronavirus pandemic spurred layoffs across the

Sylvia Hsu et al. standing in front of a crowd

Economists are predicting historic job losses in the US labour market as the coronavirus pandemic rages on.

Morgan Stanley chief US economist Ellen Zentner expects that jobless claims released on Thursday will be 3.4 million, she told CNBC during a Tuesday interview. Thursday's report from the Department of Labour will show unemployment claims for one week ending March 21.

Job losses of more than 3 million in one week is "incredible," Zentner told CNBC. "It's a stop in economic activity."

Other economists have been forecasting a massive spike in jobless claims after last week's data jumped 70,000 to 281,000 total. Goldman Sachs expects that the unemployment claims number will jump to a high of 2.25 million as coronavirus-induced layoffs occur, while Pantheon Economics tentatively forecast losses in the range of 2 million to 3 million.

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Morgan Stanley expects weekly US jobless claims to spike to a record 3 . 4 million . On Thursday a first glimpse into Jobless claims in the US @ MorganStanley predict a record of 3 . 4 M, @GoldmanSachs predict 2.25M Fed says unemployment can reach 30%, higher than the Great

Economists had expected jobless claims to spike to about 1.5 million from the 281,000 originally reported for the " We would expect numbers from these states and others to climb in coming weeks , particularly with The increase drove continuing claims to their highest level since reaching 1.824

All of these forecasts would be a stunning jump in unemployment claims and far exceed the current record of nearly 700,000 set in 1982.

A US recession is widely thought to be inevitable at this point as economic fallout from the coronavirus pandemic continues. Morgan Stanley forecasts US gross domestic product will plunge as much as 30.1% in the second quarter of the year, following a sharp drop-off in activity in March.

That extreme plunge could push the unemployment rate from current historic lows to an average of 12.8%, one of the highest on record since the 1940s, according to the bank.

Still, Morgan Stanley expects that the US economy could rebound as businesses and consumers return to normal following the coronavirus outbreak.

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Record Jobless Claims Were 'Nobody's Fault,' Says Trump. The number of Americans filing for unemployment benefits is forecast to set a record for the second straight week following 3.28 million in last week ’s data, with the darkest prediction expecting the figure to almost double.

The number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week as an economy grounded to a halt by the coronavirus pandemic throws millions out of work. UP NEXT. NOW PLAYING: other. U . S . jobless claims surge to record 3 .28 million .

"What we're now focusing on is what the shape of growth will look like on the other side of that as the social distancing measures start to recede," Zentner said.

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