CD Media

Jobless Claims Explode, But Does It Matter?

Jobless Men Lined up for the First Time in California to File Claims for Unemployment Compensation
1936 – 1948

Jobless claims exploded this morning as economic data was released in the U.S. which showed the impact of the Chinese coronavirus pandemic finally being felt in the American economy. The markets however have looked past this expected data and are continuing to rally for the third day in a row as the House of Representatives is expected to vote on the Senate stimulus bill tomorrow. Secretary Mnuchin declared today checks will be going out to Americans within 3 weeks.

“Most of these will be direct deposit, so we call them checks in the mail, but it will be three weeks,” Mnuchin said.

“We’re determined to get money in people’s pockets immediately. That will be within three weeks,” the Secretary of the Treasury said today in an interview with CNBC.

Initial Jobless Claims (Mar 20) printed at 3283k vs a ballpark estimate of 1000k.

Gross Domestic Product Annualized (Q4) printed at the estimate of 2.1%.

Initial Jobless Claims 4-week Average (Mar 20) printed at 998.25.

Personal Consumption Expenditure Prices (QoQ) (Q4) printed at 1.4% vs estimate of 1.3%.

Goods Trade Balance (Feb) printed at -$59.89B.

Gross Domestic Product Index (Q4) printed at 1.4% vs estimate of 1.3%.

Continuing Jobless Claims (Mar 13) printed at 1.803M vs 1.708M estimate.

Wholesale Inventories (Feb) PREL printed at -0.5% vs 0.0 estimate.

Core Personal Consumption Expenditures (QoQ) (Q4) printed at 1.3% vs 1.2% estimate.

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