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Jim Cramer Explains Why Jobless Claims Aren't Impacting Market as Much: Watch

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This morning, we got the jobless claims from last week.

Weekly jobless claims rose by another 2.44 million, the government reported on Thursday, in yet another sign of how detrimental an impact the coronavirus pandemic has had on the U.S. economy and its workforce.

The Labor Department said 2.438 million Americans filed jobless claims for the week ended May 16, even as parts of the U.S. economy slowly began to reopen after more than two months of being shuttered amid the coronavirus pandemic.

This means that around 38 million Americans have now filed for unemployment.

Weekly claims have been gradually declining since hitting a record 6.867 million in the week ended March 28, though economists and market-watchers are now looking more closely at continuing claims.

And then there’s the president.

President Donald Trump criticized China's leadership, further straining the relationship between the world's two largest economies.

Trump criticized Chinese President Xi Jinping in a series of tweets, saying a "disinformation and propaganda attack on the United States and Europe” by China "all comes from the top."

Trump's tweets followed passage of a bill by the U.S. Senate Wednesday that could bar some Chinese companies, such as Alibaba BABA, from listing on U.S. stock exchanges.

Jim Cramer says markets aren't reacting as much to the jobless claims because consumer spending isn't being reflected in the stock market in big names like Analog Devices and Boeing  (BA) - Get The Boeing Company Report

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

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