A man crosses a nearly empty 5th Avenue in midtown Manhattan during the outbreak of the coronavirus disease in New York City, New York, March 25, 2020. — Reuters pic
“In its first month alone, the coronavirus crisis is poised to exceed any comparison to the Great Recession,” said Daniel Zhao, senior economist at Glassdoor. “The new normal for unemployment insurance claims will be the canary in the coal mine for how long effects of the crisis will linger for the millions of newly unemployed Americans.”
The dollar was little changed, while US Treasury prices were trading higher. US stock index futures reversed losses on the Fed’s latest stimulus measures. It is equivalent to US$15 per hour for a 40-hour workweek. The government-mandated minimum wage is about US$7.25 per hour. Today’s claims report also showed the number of people continuing to receive benefits after an initial week of aid shot up 4.396 million to a record 7.455 million in the week ending March 28, obliterating the previous all-time high of 6.635 million set in May 2009.
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