Job losses continue to mount. This morning’s Department of Labor figures via The New York Times showed 6.6 million more filed for unemployment last week, bringing this month’s total to nearly 17 million. This is by far the sharpest decline on record. Stay tuned for the official unemployment rate to rise significantly over the next few weeks.
In related news, it appears the market has already priced in these figures, even though the jobless claims were higher than forecasts. The S&P 500 is trading up 1.67%, with work tech companies scoring big this week (below).