Jobless Claims Hit 1.508 Million

It’s another fairly calm day for the market this morning. The market dropped early on but had made a lot of it back.

This morning’s jobless claims report was 1.508 million which was worse than expected. This was the 13th straight week that jobless claims topped one million.

The government report’s total was 58,000 lower than the previous week’s 1.566 million, which was revised up by 24,000.

The elevated claims number persists even as all states have reopened to varying degrees and nonfarm payrolls grew by 2.5 million in May. Before the coronavirus, the record for a single week was 695,000 in September 1982.

There’s also been more talk of an uptick in Covid-19 patients, especially in states that had not been particularly hard hit.

Posted by on June 18th, 2020 at 11:24 am


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.