US, WASHINGTON (ORDO NEWS) — Stock indexes in the US on Thursday fell in light of the latest data from the US Department of Labor on the increase in the number of applications for unemployment benefits in a crisis caused by the spread of coronavirus.
About 6.6 million people applied for benefits during the week ending March 28, and the week before 3.3 million applied for benefits.
According to the data available on the trading site’s website, in the first minutes after the start of the session, the Dow Jones Industrial Average dropped by 168.80 points (0.81%) to 20,774 points.
The S&P 500 Index, which includes the 500 largest companies in the US market, fell 10.57 points (0.41%) to reach 2,460 points. The Nasdaq Electronic Exchange Index fell 41.95 points (0.57%) to 73,181.
“The pace and scale of job cuts is truly unprecedented,” The Wall Street Journal quoted Thursday as Constance Hunter, chief economist at one of the world’s largest audit firms, KPMG.
According to her estimates, the growth in the number of applications for unemployment benefits will continue, up to 20 million jobs may be lost in the labor market.
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