An economist at the investment bank said consumer spending on several goods and services had dropped dramatically.
U.S. unemployment claims could surge by 700 percent and hit 2.25 million by the end of Saturday as American industry continues to be rocked by the COVID-19 pandemic, a Goldman Sachs note said.
"State-level anecdotes point to an unprecedented surge in layoffs this week," Choi wrote in his Thursday note."These anecdotes suggest that the next jobless claims report covering the week of March 15-21 will show that initial claims rose to roughly 2.25 million, the largest increase in initial jobless claims and the highest level on record."
"There is no sugar-coating it, unemployment is going to be very high, much higher than during the Great Recession," she told."This makes sense because of the closures induced by Covid-19 so mechanically lots of businesses must close.
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