We Could Have a Very Serious Recession, Not Depression, Jim Cramer Says
We got jobless claims on Thursday morning.
3.8 million Americans filed jobless claims last week as the U.S. economy remained largely shuttered amid the coronavirus pandemic that has so far forced some 30 million Americans to file for unemployment benefits.
The U.S. Labor Department reported that 3,839,000 Americans filed for unemployment benefits in the week ended April 25, above the 3.5 million claims expected by analysts polled by FactSet.
The six-week total now stands at 30.3 million, which is the highest on record.
The numbers followed Federal Reserve Chairman Jerome Powell's warning on Wednesday that Americans are going to see “economic data for the second quarter that is worse than any data we have seen for the economy."
He also pledged to continue to do what it takes to offset the unprecedented growth drop-off.
Watch the full video above for Jim 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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