U.S. jobless claims surge to 6.6 million [DailyFinance (AOL.com)]
JP Morgan Chase & Co. (JPM)
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Source: DailyFinance
U.S. jobless claims surge to 6.6 millionShareHeidi ChungApr 9th 2020 8:35AMTheCOVID-19 pandemic’s rapid spreadFollowing two consecutive weeks of jobless claims in the millions, another 6.606 million Americans filed for unemployment for the week ending April 4, as the coronavirus continues to hammer away at the U.S. economy. Economists were predicting 5.5 million jobless claims for the week. Theprior week’s record-breaking figure“The number of workers filing to collect unemployment insurance benefits has broken records in each of the last two weeks, but we suspect there are more to come. The number of workers in industries directly affected by COVID-19 is massive,” JPMorgan economist Jesse Edgerton wrote in a note April 3. “We thus again see more reasons to expect an increase in claims than a decrease.”Edgerton expected 7 million jobless claims for the week ending April 4, which was one of the highest estimates on Wall Street. Estimates varied widely as with previous weeks; however, al
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