JPMorgan expects jobless claims to set another record

While the number of workers filing to collect unemployment insurance benefits has broken records in each of the last two weeks, JPMorgan warns that there are much more to come.

“The number of workers in industries directly affected by COVID-19 is massive, and Google data suggest that more people are searching for information on unemployment benefits right now than in either of the last two weeks,” reads JP’s economic update.

JPMorgan is expecting 7M new claims to be reported for the week ending April 4, though it notes the huge uncertainty around forecasting the print.

The most sobering part of JP’s analysis is that there were nearly 50M workers in industries affected by COVID-19 shutdowns, and its effects are also likely to spread well beyond those direct sectors.


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