Though stocks have since somewhat recovered from steep early losses, markets dropped Thursday after another dismal jobless claims report.
Some 2.98 million U.S. workers filed jobless claims last week, the Labor Department reported on Thursday, even as parts of the U.S. economy slowly began to reopen after more than two months of being shuttered amid the coronavirus pandemic.
Economists polled by FactSet had been expecting 2.5 million claims up to last Saturday, down from the previous week’s report of 3.2 million. Continuing jobless claims rang in at 22.8 million, still the highest on record.
This means that 36.5 million Americans have filed for jobless benefits over the last eight weeks. An initial claim is a claim filed after a separation from an employer. a continued claim, also referred to as an insured unemployment claim, is a follow-up claim for continued benefits that is filed after experiencing a week of unemployment.
Following the report, stocks traded lower Thursday. The downturn in stocks also comes as tensions are rising between the United States and China.
Jim Cramer says that he's watching J.P. Morgan and i wondering if Jamie Dimon is doing some buying as markets move off their lows.
Catch his full take on the market in the video above.