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Weekly data will gain more relevance going forward as the coronavirus impact makes its way through the U.S. economy, economists at TD Securities apprise.

Key quotes

“State labor department offices are reportedly being overwhelmed by filings for unemployment benefits this week, suggesting a historic jobless claims reading next week.” 

“We expect a sizable rise in this week’s report as well. We now forecast a rise to 300K (instead of 225K) from 211K. The latest consensus is 220K.” 

“We have changed our forecast for the Philly Fed index as well: We now expect a decline in -25.0 (instead of 0.0) from 36.7. The consensus is 8.0.”