- Silver Report Uncut
Expectations were that new jobless claims would be close to 800k for the week, The real expectations were closer to 2.2 million when analyzing the data. The truth was much worse as the US had the largest total job losses every recorded coming in at 3.3 million unemployment filings for a single week. The data shows that the four largest economies in the US by state all saw a huge surge in jobless claims. The number is likely much higher because the volume was simply too much for the filing system to handle as reports of websites crashing in several states from the large volumes of claims. Notably, Jerome Powell the head of the Federal Reserve has now acknowledged the US “is probably in a recession” and with millions losing their jobs so rapidly who could deny it at this point.