According to Labour Department report, the jobless claims totalled 3.17 million for the week ending May 2 compared to 3.85 million in the prior week as businesses shutdown due to virus outbreak forcing them to slash their workforce. This week’s level of unemployment claims has taken the total past 33 million.
However, jobless claims are steadily declining after a steep rise in the claims during late March and early April. Most states reported decline last week, but California, Texas and Georgia posted the highest levels of unadjusted initial claims.
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There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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