JOBLESS CLAIMS SET TO SKYROCKET BY 700 PERCENT IN ONE WEEK AS U.S. SEES 'UNPRECEDENTED SURGE IN LAYOFFS'—GOLDMAN SACHS

[Gaali_Gottam_Govinda]

 

• US initial jobless claims could spike to a record 2.25 million this week as coronavirus-driven layoffs hit the labor market, according to Goldman Sachs.
• "Many US states have reported unprecedented surges in jobless claims this week," the economist David Choi and his team said in a research note.
• New claims for unemployment benefits increased last week by 70,000, to 281,000.
• Goldman's forecast would mark an eightfold increase and more than triple the record set in 1982.

 

Goldman Sachs predicted that a record 2.25 million Americans could enter claims for unemployment benefits this week as coronavirus-driven layoffs hit the labor market. The outbreak has forced cities to shut down and prompted people to stay at home to combat the virus' spread.

"State-level anecdotes point to an unprecedented surge in layoffs this week," David Choi, one of the bank's economists, said in a research note. "Consumer spending on sports and entertainment, hotels, restaurants, and public transportation in particular have already dropped dramatically."

Unemployment filings last week jumped by 70,000, to 281,000, according to Labor Department data published on Thursday. Goldman's forecast of 2.25 million suggests it will increase eightfold this week, blowing past the record of nearly 700,000 set in 1982.

[MiryalgudaMaruthiRao]

ok ba 

[Deadp0ol2]

It would be worse

Okka job kosam 100 mandi kottukuntaru

[tom bhayya]

avanni retail and low wages jobs ey for now closure of malls, bars valla, high paid jobs lo layoffs inka start kaledhu ley