At face value, the staggering claims numbers set the economy on course for job losses of more than 1 million in April. The government surveyed establishments for April's nonfarm payrolls component of the employment report this week. "Claims have totaled 22 million, and claims will be in the millions again next week." "The economy is in a downward spiral where job losses beget job losses and the federal government emergency relief checks will not be enough to turn the tide," said Chris Rupkey, chief economist at MUFG in New York. Instead, it looks for a drop in activity, spread across the economy and lasting more than a few months.

Source: bd News24 April 16, 2020 15:45 UTC