US Jobless Claims Hits Unadjusted Record of 2.89 Million; Up Over 1,000%

According to the US Department of Labor the week ending March 21, seasonally adjusted initial jobless claims was 3,283,000, an increase of 3,001,000 from the previous week’s revised level. Setting a record level of seasonally adjusted initial claims, from the previous high of 695,000 in October of 1982. The 4-week moving average was 998,250, an increase of 765,750 from the previous week’s revised average. The previous week’s average was revised up by 250 from 232,250 to 232,500.

Source: https://www.dol.gov/

The unadjusted number came in at 2,898,450 for the week, an increase of 2,647,034 (or 1,052.9%) from the previous week.

Source: https://www.dol.gov/

This on the heels of a $2 trillion stimulus package passed Wednesday, that has $500B earmarked in direct payments and unemployment enhancements to combat the economic crisis caused by the virus.

At the time of publishing, the Dow Futures are down 1.17% to $20,780.


Information for this briefing was found via the provided links. The author has no securities or affiliations with any of the mentioned securities. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Small Cap Steve

SmallCapSteve started blogging in the Winter of 2009. During that time, he was able to spot many take over candidates and pick a variety of stocks that generated returns in excess of 200%. Today he consults with microcap companies helping them with capital markets strategy and focuses on industries including cannabis, tech, and junior mining.

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