Another 3.17 Million Filed for U.S. Jobless Benefits Last Week
“The number of Americans filing for unemployment benefits topped 3 million for a seventh straight week, signaling little relief in sight for the economy since the coronavirus began closing restaurants, factories and offices from coast to coast in mid-March. Initial jobless claims totaled 3.17 million in the week ended May 2 following 3.85 million in the prior week, according to a Labor Department report released Thursday. That brought the seven-week total to about 33.5 million. The median estimate in a Bloomberg survey of economists called for 3 million last week.”
U.K. House Prices May Fall 16% Due to Pandemic, BOE Says
“U.K. house prices may fall 16% because of the economic upheaval caused by the coronavirus, according to a desktop stress test by the Bank of England. That decline would be in line with the fall in residential property values during the financial crisis, though the central bank says that banks would not suffer “very material losses in the event of default” this time because of more resilient balance sheets.”
U.S., China Trade Chiefs to Speak as Trump Threatens Deal
“Top Chinese and U.S. trade negotiators will speak as soon as next week on progress in implementing a phase-one deal after President Donald Trump threatened to “terminate” the agreement if Beijing wasn’t adhering to the terms. Chinese Vice Premier Liu He will be on the call, according to people familiar with the matter. The U.S. will be represented by Robert Lighthizer, one of the people said.”
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