Warning: file_exists(): File name is longer than the maximum allowed path length on this platform (260): C:\zpanel\hostdata\zadmin\public_html\forexbr_com_br/wp-content/cache/supercache/www.forexbr.com.br/2020/03/17/economic-outlook-huge-spike-in-google-searches-for-unemployment-benefits-give-a-stark-picture-of-economic-carnage-to-come/meta-wp-cache-9e4a6b0d6e6e481da9c6fe04cc88158f.php in C:\zpanel\hostdata\zadmin\public_html\forexbr_com_br\wp-content\plugins\wp-super-cache\wp-cache-phase2.php on line 71 Economic Outlook: Huge spike in Google searches for ‘unemployment benefits’ give a stark picture of economic carnage to come – Forex Brasil

Economic Outlook: Huge spike in Google searches for ‘unemployment benefits’ give a stark picture of economic carnage to come

The mounting damage to the economy from the coronavirus is about to become starkly visible.

A slew of economic reports over the next several weeks will tally up the cost, starting with Thursday’s update on how many Americans are seeking unemployment benefits.

Initial jobless claims could surge soon triple from the low 200,000s and reach levels last seen during the 2007-2009 Great Recession.

The following week will reveal how Americans have reacted to the unprecedented disruptions in their lives though the March reports on consumer confidence and consumer sentiment.

Then in early April comes the big one: The monthly employment report. The U.S. could post the biggest decline in jobs since 2010 and break a string of 113 straight months of increases.

Until this week, virtually all of the economic reports tracked most closely by Wall Street have covered January and February, when the coronavirus had hardly any effect on the economy. Now that’s about to change.

Read:Businesses may need $2 trillion bailout fund to avoid a possible ‘global depression’

Some states have already announced a big increase in people applying for unemployment benefits. Rhode Island, for example, said nearly 7,000 people filed new jobless claims on Monday, compared to just 160 on the prior Monday.

“We are seeing a skyrocket in our unemployment insurance claims,” Gov. Gina Raimondo.

If those numbers are duplicated around the country, new claims could soar past 300,000 on Thursday for the first time since 2015. Just 10 months ago, they touched a 50-year low of 193,000.

“I think we are going to see a significant spike tomorrow,” said Richard Moody, chief economist at Regions Financial. “It could be an unsettling number.”

Neil Dutta, head of macroeconomics at Renaissance Research, suggests jobless clams could surge to as high as 650,000 in the next few weeks based on a spike in Google searches on “unemployment benefits.”

If so, new claims could match the highest levels of the Great Recession. New jobless claims touched 655,000 in March 2009.

Read:The economy is in for tough times. Here’s ones roadmap for recovery

Whether it gets worse than that will depend on how quickly the federal government moves to supply aid to the thousands of businesses and millions of workers that have been harmed by large parts of the economy shutting down.