Jim Cramer on Jobless Claims: The Damage Has Been Done

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Jobless claims were released on Thursday.

The Labor Department said 2.123 million Americans filed jobless claims for the week ended May 23, down slightly from 2.438 million claims for the week earlier, as parts of the U.S. economy slowly began to reopen after more than two months of being shuttered amid the coronavirus pandemic.

Weekly claims gradually have been declining since hitting a record 6.867 million in the week ended March 28, as more states lift stay-at-home orders and as businesses slowly reopen, even as the pandemic has claimed more than 100,000 U.S. lives.

Continuing claims, a number that tallies not just people filing for unemployment benefits but staying on them, were 21.052 million for the week ended May 16, down from a record 25.073 million.

In other economic data, orders for durable goods in April declined 17.2%, a slightly narrower drop than the 19% fall expected by economists. April's drop in durable-goods orders was the second largest since the government began recording the data in the 1990s.

Going forward, Jim Cramer said it's hard to imagine the data getting any worse going forward. Catch Cramer's full take on the markets in the video above. 

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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