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A Record Jump in US Unemployment Claims Last Week
The final reading for US Q4 of 2019 GDP was released a while ago and the GDP remained at 2.1% as expected. The second reading was 2.1% as well, so no change, as anticipated. But, this is history and Q1 of this year will be much worse, although not as bad as Q2, since we are going in the second quarter and the US economy is increasingly shutting down every day.
The unemployment claims posted a massive increase this week, as people get laid off due to coronavirus. This is the biggest jump in jobless claims ever recorded and will likely get worse. Below are the reports for the GDP, wholesale inventories and unemployment claims:
US Q4 2019 GDP, Final Reading
- US Q4 GDP third reading +2.1% vs +2.1% expected
- Second reading was +2.1%
- Ex motor vehicles +3.1% vs +3.0% previously
- Inventories +$13.1B vs +$13.0B previously
- Exports +2.1% vs +2.0%
- Imports -8.4% vs -8.6%
US February Wholesale Inventories
- February prelim wholesale inventories -0.5% vs -0.2% expected
- January prelim wholesale inventories stood at -0.4%
US Unemployment Claims
- Initial jobless claims surge to 3283K vs 1640K expected. It is a record level.
- Four-week average surges to 998.25 versus 232.25K
- Continuing claims 1803K vs 1791K estimate
- The 4 week average 1731K vs 1703.25K last week
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