Goldman Sachs predicts 2.25 million Americans filed initial unemployment claims this week

[mahatmakanejeeves]

Source: CNN

Goldman Sachs predicts 2.25 million Americans filed initial unemployment claims this week, the highest on record

By Annalyn Kurtz, CNN Business

Updated 10:40 PM ET, Thu March 19, 2020

New York (CNN Business) -- Americans are starting to lose their jobs in response to the coronavirus pandemic, and economists expect it's only going to get worse from here. And quickly, too.

Early Thursday, a government report showed 281,000 Americans filed for their first week of unemployment benefits last week. It was a sudden 33% jump over the week before and the biggest percentage increase since 1992.

But next week's report is likely to be far worse, according to Goldman Sachs economists.

They predict the report will show 2.25 million Americans filed for their first week of unemployment benefits this week -- eight times the number of people who filed last week and the highest level on record.

That estimate is based on news reports of an unprecedented surge in layoffs early in the week. Airlines, restaurants, hotels, sports events and retailers are all struggling to cope with a sudden drop in revenue, as people stay home to prevent the spread of the virus.

{snip}

Read more: https://www.cnn.com/2020/03/19/economy/unemployment-benefits-goldman-sachs/index.html

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I had to truncate the headline. Actual:

[div class"excerpt"]Goldman Sachs predicts 2.25 million Americans filed initial unemployment claims this week, the highest on record
I'm within the 12-hour limit, but not by much.

I put the story in the Economy Forum last night. There was no news source, just a tweet.

[denem]

1. Goldman Sachs thought the economy was nearly recession-proof.

Coronavirus crash is a true ‘Black Swan’. Goldman thought the economy was nearly recession-proof.

Goldman Sachs’ economists declared the U.S. economy all but recession-proof at the dawning of 2020, but now it appears a coronavirus-induced recession may have begun just a few months later.

https://www.cnbc.com/2020/03/14/goldman-thought-economy-was-recession-proof-in-january---it-wasnt.html

[Champp]

2. Republicans say that's fake news. Claim "everything is peachy keen."

Why things are so damn good that the Republicans are, one could safely bet, going golfing this weekend !!

[keithbvadu2]

3. The Trump economy