US Dollar Gyrates on Record Breaking Jobless Claims

Record Breaking Initial Jobless Claims as COVID-19 Continues Assault on Economy Talking Points:

  • Jobless claims rise to new record of 6.64 million
  • Dow Jones set to open higher despite dismal jobless claims
  • Markets await Friday’s non-farm payrolls report

US weekly jobless claims crossed the wires at 6.64 million Thursday morning, breaking the previous all-time high record of 3.28 million set just last week. COVID-19 continues to ravage its way through the economy as the virus continues to spread despite aggressive social distancing standards set by federal and State governments.

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The chances for a recession now appear imminent as economic fallout from the coronavirus continues to mount. Equity markets started the second quarter with a steep decline on Wednesday, with the Dow Jones Index sinking over 900 points. This follows the worst ever Q1 performance for the closely watched index, dropping 23.1 percent.

US Jobless Claims Hits New Record

US Initial Jobless claims record

While initial jobless claims provide timely data on the impact of the current pandemic to the labor market, other economic data this week reflected the grim situation with ISM’s manufacturing survey showing the largest drop in new orders since 2009. Friday will provide further insight into just how severe the virus impacted the US economy last month with March’s non-farm payrolls and ISM’s services PMI survey set to release.

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