Jobless Claims Weaker Than Expected, But Fed Jumps In With More Help [Forbes]
AMTD IDEA Group American Depositary Shares, each representing one Class A Ordinary Share (AMTD)
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Source: Forbes
Getty ImagesKey Takeaways:Another week, another terrible jobless claims number.The market was expecting another huge wave of jobs losses to be reflected in this morning’s report on initial claims for unemployment benefits. But it still turned out worse than expected. The government said 6.6 million people filed new unemployment claims during the week ended April 4. A Briefing.com consensus estimate was expecting 5 million new claims.In the past, the weekly figures often got a yawn among traders and investors. But they have become highly watched indicators of the coronavirus’ toll on the economy, giving market participants a more up-to-date picture of the employment situation in the country than the government’s monthly jobs report.Today In:Last week’s initial claims—for the week ended March 28—came in at an astonishing upwardly revised 6.867 million, handily topping the prior week’s 3.341 million. The atrocious claims number is another reminder of the pain many people are suffering as
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