Jobless claims may reach 30 million in six weeks as COVID-19 layoffs continue to soar
If the latest weekly total matches estimates, it will mean 30 million Americans have applied for unemployment in just six weeks, a breathtaking number that exceeds all the jobs created since the Great Recession. While new claims are expected to continue to slow, Pantheon Macroeconomics wrote in a research note that it thinks job losses are "unlikely to fall below one million per week until late May."
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China's job market issue
China's job market issue
Millions of laborers who lost their jobs weren't counted in China's headline unemployment rate because of quirks in the way the data are gathered -- and many still haven't returned to work. It is assumed that most of the country's roughly 174 million migrant laborers who work away from home have farms they can fall back on if they lose their city jobs
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Marketwatch
US risking another COVID-19 wave, Mark Zandi warns
Mark Zandi of Moody's Analytics is getting increasingly worried and said that the states are taking a large gamble by reopening businesses too quickly. "If we get a second wave, it will be a depression," the firm's chief economist told CNBC's "Trading Nation" on Friday. It's a necessary condition for the economy to fully recover," Zandi said.
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Cnbc
The US lost 20.5 million jobs in April
Most parts of the US economy is in a self-imposed shutdown to curb the impact of coronavirus. According to the latest numbers released by the Bureau of Labor Statistics on Friday, the US economy lost a record 20.5 million jobs in April. The unemployment rate jumped to 14.7% in the previous month, marking the record reading since the Bureau started recording the rate in 1948
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CNN
Warren Buffett's Berkshire Hathaway sold more than $6 billion in stock in April
The billionaire investor's company was widely expected to deploy a chunk of its $128 billion cash pile last quarter, but instead its reserves grew to $137 billion by the end of March. "The amount of investment gains/losses in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules,"
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Businessinsider