US weekly jobless claims hit 4.4 million, bringing 5-week total to more than 26 million

Jobless claim filings continued at a historically unprecedented pace last week with 4.4 million new signups for unemployment insurance, bringing the total of the past five weeks to 26.4 million, the Labor Department said Thursday.

The total represented a decline of 810,000 from previous weeks, but the five-week sum has now surpassed all of the job gains since the financial crisis.With virtually all other economic indicators pointing to the worst downturn since the Great Depression, jobless claims are seen as the most current way of measuring how deeply conditions have been impacted by social distancing associated with the coronavirus.

The total is far worse than anything the U.S. has seen before, with the previous one-week peak of 695,000 dating back to October 1982.Even though the total for the week ended April 18 fell, the continuous claims figure hit a new record at just under 16 million, an increase of 4 million from the previous period. The four-week moving average jumped to 9.6 million, an increase of more than 3.5 million.

Source: Insurance Report (insurancereport.net)

TrumpEconomy

To put into perspective how horrific the unemployment claims have been. During the last five weeks, 26.5 million Americans filed for unemployment. The entire US workforce is 162 million, which implies that 16.3% lost their job in those weeks, implying a ~20% unemployment rate.

Expected? By who for fucks sake ?

I was told there would be winning.

And the market goes up. How is this possible?

Maybe they can weigh in with some job opportunities! I would appreciate that a lot more!

economy only works if things go well; no backup plan for a disaster. ie short-sighted. turn the world into a home. live adjacent to nature instead of at its expense. sustainability, togetherness, community. truly representative leadership that won't exploit for personal gain!

Holy hell! That’s the entire population of Australia.

It means a green day for wall street and only 15% down from all time hights!

High tech companies maybe don't need human employments, but only need minimum staffs to control computers in the world of 'Terminator' ruled by machines and AI.

And why the stock market is going up?! Unbelievable arrogance of American capitalism !

I don’t believe the accuracy of these jobless claim numbers. Reports show Florida is way behind in processing claims which would show numbers are exponentially higher.

Markets love it though

Russiagate failed Muellerreport failed Impeachment failed JobsJobsJobs failed OW What a coincidence: November 2020

And then we have jimcramer's ignorant and misplaced comments supporting GovKemp premature actions...I suspect both will be named in wrongful death lawsuits.

Stock Market is simply enjoying this. Like always, every market is Green! 😂 All one can do is to Laugh! Our markets have become a laughing stock.

Trump says, “Just take two hydroxychlorophines, and call me in 2021”.

Stock markets appear to take mind bending numbers like this as good news in the new normal

Wall Street is loving it. No pesky employees to share bailout money with.

Yet Trump giving Governor Kemp shit for reopening parts of Georgia’s economy

Market doesn’t care!!

At least they are flattening the jobless claims

Don’t worry J Pow has got your back

I’m sure there won’t be any unintended consequences from having a 30% unemployment rate.

So much winning.

Unemployment is out of control. realDonaldTrump Strategy is to open up Applebee’s and get poor people out spending and working in retail. THIS IS THE Plan? White collar can WFHome. Tell me the GOP plan for testing or healthcare they have no plan.

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