Friday, 17 Apr 2020 11:21 AM MYT
The deepening economic slump was also amplified by other data yesterday showing manufacturing activity in the mid-Atlantic region plunged to levels last seen in 1980 and homebuilding tumbling by the most in 36 years in March. Initial claims for state unemployment benefits dropped 1.370 million to a seasonally adjusted 5.245 million for the week ended April 11, the government said. Data for the prior week was revised to show 9,000 more applications received than previously reported, taking the tally for that period to 6.615 million.
As such, not all the 22 million people who have so far filed claims will be counted as unemployed when the government publishes its closely watched employment report for April next month. The government surveyed establishments for April's nonfarm payrolls component of the employment report this week.
Stocks on Wall Street were mixed as investors focused on the second straight weekly drop in claims. The dollar was higher against a basket of currencies. US Treasury prices rose.In a separate report yesterday, the Commerce Department said housing starts plunged 22.3 per cent to a seasonally adjusted annual rate of 1.216 million units last month. That was the largest monthly decline in starts since March 1984.
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