The Department of Labor is due to report jobless claims today for the week ending April 4. The report follows on the heels of the last two weeks that saw almost 10M Americans file for unemployment benefits.
For this week’s report, economists expect on average about 5.2M claims to have been filed, with JPMorgan at the high end with a forecast for 7M filings.
There is at least some risk of a blowout shock number due to the increased eligibility through the CARES Act for the self-employed and gig workers to file.
While today’s jobless claims print could be the peak, Bank of America Merrill Lynch Chief Economist Michelle Meyer warns that the weekly mark could be in the millions for several more weeks.