This Update was originally sent to clients as a Rapid Response immediately after the data was released on 2nd April.
The surge in initial jobless claims to a record high of 6,648,000 last week, from 3,307,000 the week before, means that employment may have fallen by more than 6% in the last two weeks alone and the April unemployment rate could hit 10%.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services