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March 30, 2020

U.S. Jobless Claims Soar By More Than 3 Million

 

  • The U.S. Department of Labor announced last week that nearly 3.3 million Americans filed for federal unemployment benefits in the week ending March 21, an increase of more than three million from the previous week. Click here to read the full report.
  • According to an analysis from IHS Markit, a sudden drop in travel due to the COVID-19 could reduce demand for oil by more than 50 percent. IHS warned “the magnitude of gasoline decline will be much greater than the impact of the 2008 recession” and could be much greater depending on the success of social distancing measures.