The 26.5 million jobless claims filed in the last five weeks wiped out the 22 million jobs created during the nearly decade-long employment boom
The deepening economic slump amid nationwide lockdowns to control the spread of COVID-19, the potentially lethal respiratory illness caused by the virus, was underscored by other data on Thursday showing business activity sinking to an all-time low in April. In addition, new home sales decreased by the most in more than 6-1/2 years in March.
The rising tide of grim economic numbers has been met with protests, which have largely been viewed as political, for states and local governments to reopen non-essential businesses. President Donald Trump, who is seeking a second term in the White House in November’s general election, has also been growing anxious to restart the paralyzed economy.
The National Bureau of Economic Research, the private research institute regarded as the arbiter of U.S. recessions, does not define a recession as two consecutive quarters of decline in real GDP, as is the rule of thumb in many countries. Instead, it looks for a drop in activity, spread across the economy and lasting more than a few months.
Stocks on Wall Street were trading higher as investors focused on the weekly decline in claims. The dollar slipped against a basket of currencies. U.S. Treasury prices were trading mostly lower.
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