MarketDeal24.Com – The number of US citizens claiming for initial unemployment benefits has jumped to a record 3.28 million past week, the US Department of Labor disclosed on Thursday.
The jump up has definitely eclipsed the former week’s number of 282,000.
The report also disclosed the number of citizens already on benefits has increased to 1.803 million.
The report however, seems to have a slight impact on Wall Street as experts and analysts were suggesting a far larger figure. At ET 8:35 AM, S&P 500 futures changed hands 28 points, or 1.1% lower, NASDAQ futures were down 67 points, or 0.9% of worth, the Dow Jones future, on the other hand, contracted 149 points, or 0.7%.
The report provides the most vivid image yet of the coronavirus’ devastating impact on the nation’s economy, which has prompted the Federal Reserve to announce what is practically unlimited quantitative easing and set the U.S. Congress in action to pass an unprecedented $2 trillion coronavirus rescue package.