Stocks flat following report of 2.4 million more unemployed

Stocks were relatively flat in opening trading Thursday morning following a report that 2.4 million workers filed unemployment claims last week.

The Dow Jones Industrial Average was down 30 points, or 0.1 percent, while the S&P 500 fell 2 points, or 0.1 percent, in the opening minutes of trading, before slipping into positive territory.

The jobless numbers bring the total of seasonally adjusted unemployment claims to more than 38 million since the COVID-19 pandemic brought the economy screeching to a halt in March.

The 2.4 million figure, which would have broken records several times over before the crisis began, was the lowest reading in nine weeks and continued a steady downward trend in weekly claims, which peaked at more than 6 million.

The Congressional Budget Office projected that the quarterly unemployment rate would peak at 15.8 percent later this year and average more than 9 percent in 2021.

Congressional Democrats and Republicans are debating what next steps to take. The Democratic-controlled House approved a $3 trillion package last week, as the GOP-controlled Senate urged more time to see how earlier measures play out.

Congress has approved $3.6 trillion in emergency relief to fight the pandemic and the economic downturn.

Tags Coronavirus relief bill Stimulus Stock market Unemployment

Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Regular the hill posts

See all Hill.TV See all Video

main area bottom custom html

MAIN Area bottom

Main area bottom

Top Stories

See All

Most Popular

Load more