US March Unemployment Surges as the Economic Shutdown Hits Hard


US initial jobless claims 5245K vs 5500K estimate, Prior revised up 9K to 6615K

4- week average for initial jobless claims 5508.5 K vs 4267.75K

Continuing claims 11976K vs 13260K estimate. Record level for continuing claims
4-week average for continuing jobless claims 6066.25K versus 3497.75K

The largest increases in initial claims for the week ending April 4 were in

Georgia (+256,312), Michigan (+84,219), Arizona (+43,488), Texas (+38,982), and Virginia (+34,872),

The largest decreases were in

California (-139,511), Pennsylvania (-127,037), Florida (-58,599), Ohio (-48,097), and Massachusetts (-41,776).

A total of 22 million workers have now applied for jobless claims over the last 4 weeks.

Continuing claims rose by the highest level ever. (Continuing claims lag the initial claims by one week (initial claims was for April 10 while the continuing claims is for April 3). As a result we can expect another record next week.