US Initial jobless claims hit record high; 2.1% GDP for Q4 2019 as expected

Number of initial jobless claims

Previous: 281K
Expected: 1.5-2 million
Current: 3.28 million

GDP for the fourth quarter of 2019

Previous: 2.1%
Expected: 2.1%
Current: 2.1%

Unemployment is engulfing the US – weekly jobless claims jumped to 3.283 million, an increase of 1,053%. The four-week moving average is near one million, also surpassing the worst since the Great Financial Crisis.

And it may get worse. Additional states and cities are announcing lockdowns or other social distancing restrictions. Moreover, several states have been having a hard time processing all the claims. An increase to four or five million cannot be ruled out.

The initial market reaction has been calm, as traders were bracing for a horrible outcome.

 Junior Trader Radi Djuma

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