A Record Jump in US Unemployment Claims Last Week - Forex News by FX Leaders
The unemployment rate will likely jump higher this month

A Record Jump in US Unemployment Claims Last Week

Posted Thursday, March 26, 2020 by
Skerdian Meta • 1 min read

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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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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