On the heels of worse-than-anticipated first-quarter GDP data, investors got additional economic data Thursday to reflect the ongoing damage being done to the U.S. economy as a result of the COVID-19 pandemic.
The U.S. Labor Department released its weekly jobless claims figures Thursday morning, and another 3.839 million Americans filed for unemployment benefits during the week ending April 25. Economists were predicting 3.5 million claims for the week, and the prior week’s figure was revised higher to 4.44 million from 4.43 million. In just the previous six weeks, more than 30 million Americans have filed unemployment insurance claims.
Continuing claims, which lags initial jobless claims data by one week, totaled 17.99 million for the week ending April 18. The prior week’s record 15.98 million continuing claims was revised lower to 15.82 million.
The U.S. Labor Department released weekly jobless claims figures Thursday morning that reflected the ongoing damage being done to the U.S. labor market as a result of the COVID-19 pandemic.