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US Jobless claims Hit Record High

by biasharadigest

United States stock market opened Thursday trading session on a positive note following the approval of a $2 trillion COVID-19 stimulus bill by the nation’s Senate.

The US Department of Labor has announced that initial jobless claims rose by 3,001,000 to a record-high of 3,283,000 in the week ending March 21 as a result of the impact of the coronavirus outbreak. Jobs in accommodation and food services were most affected by the pandemic.

Previously, the largest weekly number of jobless claims had been recorded in 1982 and stood at just under 700,000.

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Wholesale inventories in the United States declined 0.5% in February compared to the previous month’s revised level to $657.3 Billion, topping the estimates, according to the US Census Bureau’s preliminary estimate released on Thursday. On an annual basis, the figure slid 1%.

United States Senate has passed the $2 trillion coronavirus relief bill 96-0 late on Wednesday in an effort to negate the effects of the coronavirus crisis. House Majority Leader Stany Hoyer announced late on Wednesday the COVID-19 funding bill worth $2.2 trillion will be considered by the lower house on Friday.

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