Last updateFri, 03 Jul 2020 5pm

Manufacturing & The Economy

U.S. Jobless Claims Reach Record High

Shattering the old mark of 695,000 set in October of 1982, a record 3.28 million Americans filed for unemployment benefits this week. The consensus forecast among economists was approximately 1.5 million.

“This was way bigger than we thought and the market’s still moving higher,” Randy Frederick, vice president of trading and derivatives at Charles Schwab, told CNBC. “That’s a very encouraging sign that we may be in a bottoming process.”

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