The breadth of job losses is “stunning,” Diane Swonk, chief economist at Grant Thornton, a major accounting firm, wrote in a recent blog. “They spanned virtually every industry and income category.”“Hiring screeched to a virtual halt,” she added. Initial jobless claims totaled 6.62 million in the week ending April 4, fell to 5.2 million in the week ending April 11, dropped to 4.4 million in the week ending April 18, and then declined to 3.8 million in the week ending April 25. The new BLS report also showed that the four-week moving average, a method to iron out data volatility, decreased by 861,500 to reach 4.2 million. Michael Hicks, director of the Center for Business and Economic Research at Ball State University in Indiana, recently told Xinhua that the jobless claims data points to “a deceleration of the huge losses from early April.”“The slowing losses indicate the bulk of job losses may be behind us,” Hicks said.

Source: Manila Times May 08, 2020 17:04 UTC