We Have to Get Rid of 'Fear Factor:' Jim Cramer on Jobless Claims
We got jobless claims on Thursday, April 23.
The U.S. Labor Department reported that 4,427,00 Americans filed for unemployment benefits in the week ended April 18, slightly below the 4.25 million in claims expected by analysts polled by FactSet. The five-week total now stands at more than 26 million. Continuing jobless claims - a rolling number - came in at 15.976 million.
"US stocks and the dollar had a muted reaction to the latest jobless claims report because the trajectory seems to be improving. The number of individuals filing for unemployment last week was 4.43 million, slightly below the consensus estimate, but more importantly a third consecutive decline," wrote Edward Moya, senior market strategist at OANDA. "Massive job losses are still expected over the coming weeks as more people become furloughed and as backlogs clear. The unemployment rate seems poised to hit the 20% level and this alone should be reason enough for the Fed and Trump administration to keep throwing stimulus into the economy."
So, what does Jim Cramer think?
Watch the full video above for Cramer's full take.
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Cramer and the team are weighing in on what members need to know about the coronavirus pandemic's impact on the market. Here's how you can recap his entire April show.
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