Overseas Headlines – April 23, 2020

United States:

U.S. Jobless Claims at 4.43 Million in Labor Rout’s Fifth Week

“More than 4 million Americans applied for unemployment benefits last week, bringing the five-week total to 26.5 million in the steepest downturn for the U.S. labor market since the Great Depression. Initial jobless claims of 4.43 million in the week ended April 18 followed a slightly downwardly revised 5.24 million in the prior week, according to Labor Department figures Thursday. The median estimate of economists was for 4.5 million claims.”



U.K. Labor Market Outlook Is ‘Horrendous,’ Economists Warn

“The price the U.K. is paying for the coronavirus lockdown is becoming clearer as output shrinks at the fastest pace in decades and the government rolls out a borrowing plan that dwarfs the response to the global financial crisis. The outlook for jobs is “horrendous” and the contraction could become the worst in several centuries, current and former Bank of England policy makers said on Thursday. A quarter of the labor market is already effectively out of work, and the government’s rescue program will force public debt to surge, reports showed.”



Japan Takes Dimmest View on Economy Since Financial Crisis

“Japan described its economy as worsening for the first time since the global financial crisis, in a monthly assessment that used stark language to characterize the widespread damage from the coronavirus. The Cabinet Office said the economy was in an “extremely severe situation” and “getting worse rapidly” as it cuts its view on the overall economy for a second month.”



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