BBH: jobless claims soar but 'things will get even worse'
U.S. weekly initial jobless claims are likely to keep surging after the record high reported Thursday, said Brown Brothers Harriman. The Labor Department Thursday reported that weekly claims soared by 3 million in the week to Saturday to 3.28 million, shattering the old record of 695,000 from 1982. “Things will get even worse,” BBH said. “First, [the] number was definitely understated as many could not file due to the systems being unable to handle the volume. As those unfiled claims get into the system, that will add to the risks of more upside surprises ahead. Second, since March 21 [the cut-off date for the last jobless-claims report], more than 15 states have enacted restrictions of some sort on people and businesses.”