MARKET REPORT: Global stocks plunge on US jobless fears with 38.6m people applying for unemployment benefits for first time over last nine weeks

Markets were downbeat after a slew of figures laid bare the challenge facing governments as they try to revive their economies.

In the US, another 2.4m people applied for unemployment benefits last week.

This means that 38.6m Americans have made first-time applications for state assistance over the last nine weeks, when the effects of the coronavirus pandemic began to be felt.

The rise was in line with estimates – but still bodes ill for May unemployment figures.


A man walks past closed business in New York, yesterday. Latest statistics reveal 39 million people have applied for unemployment benefits in the last two months in the US

These will almost certainly rise from the 14.7 per cent jobless rate registered in April.

The news knocked US bourses into the red, with the Dow Jones Industrial Average, S&P 500 and Nasdaq falling between 0.6 per cent and 1 per cent.

Source: Thisismoney

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