The median economist estimate for jobless claims in the week ending May 16 is 2.4 million, according to Bloomberg data. The Labor Department will release the official report Thursday.
"We are becoming less hopeful of a quick drop in jobless claims below the one million mark, which had seemed likely to come as soon as early June," Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a Wednesday note. Economists expect that Thursday's weekly initial jobless claims report from the Labor Department will show that 2.4 million Americans filed for unemployment insurance in the week ending May 16, according to Bloomberg data.
"The immediate outlook is grim," Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a Wednesday note. "We are becoming less hopeful of a quick drop in jobless claims below the one million mark, which had seemed likely to come as soon as early June."10 big-money investors each share the single market risk they think traders are overlooking right now
Economists are also looking at initial claims to forecast the May jobs report, due to be released Friday, June 5. In April, the US economy lost a record 20.5 million jobs and saw the unemployment rate spike to 14.7%, the highest since the Great Depression.
Will comfortable unemployment schemes act as an incetimve to stop working, or reduce efforts made to find new work for the unemployed?
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