Jobless claims surge 70K to 281K

Mar. 19, 2020 8:30 AM ETBy: Gaurav Batavia, SA News Editor36 Comments
  • Initial Jobless Claims: +70K to 281K vs. +220K consensus, 211K prior (revised).
  • Continuous Claims: +2K to 1.701M vs. +1.725M consensus, +1.699M prior (revised).
  • These are numbers for the week ended March 14. The surge next week will make today's print look small.
  • Jobless claims could spike to 2M next Thursday as the full effect of the coronavirus takes hold the U.S. economy, Pantheon Macroeconomics chief economist Ian Shepherdson tells CNBC.
  • "It looks to me like the order of magnitude in most states seems to be about 10 times higher than the normal weekly numbers before the crisis,” he said, referring to the states' unemployment claims numbers he's seen in the past few days.

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