Dow futures skid lower after weekly jobless claims rise 3.8 million, likely bringing unemployment to highest since Great Depression
U.S. stock-index futures on Thursday added to losses after a report on those seeking unemployment benefits showed another big increase, as expected. Initial jobless claims rose 3.839 million in the week running from April 19 to April 25, with experts expecting 3.5 million, according to economists polled by MarketWatch.
The unprecedented surge in layoffs has likely pushed the unemployment rate above 15% to the highest levels since the Great Depression, economists estimate. Total claims are around 30 million in the latest week. Futures for the Dow Jones Industrial Average YMM20, -1.06% DJIA, -1.51% fell 313 points, or 1.3%, at 24,260, those for the S&P 500 index ESM20, -0.92% SPX, -1.23% slipped 1.1% at 2,907.25, while Nasdaq-100 futures NQM20, -0.28% traded off 0.4% at 8,999.
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