May Be Three Times that Next Week
A statement from the U.S. Department of Labor and the Wells Fargo Economics Group read, "It is no longer a question of whether the coronavirus outbreak which emanated in China will take a toll on the U.S. economy, but to what degree. Given the abruptness of the shock, it will be weeks, if not months, before much of the economic data capture the turmoil of the past few weeks. Yet weekly jobless claims, which are published only five days after the coverage period, will provide an early marker as to what extent activity is contracting. For the week ending March 14, initial jobless claims jumped 281K (top chart). That marks a material increase from the prior 10 weeks of the quarter, when weekly claims averaged 212K.