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A sharp rise in new unemployment claims last week is just the tip of the iceberg, in the opinion of Josh Nye, a Senior Economist at the Royal Bank of Canada.

Key quotes

“US jobless claims jumped to 281,000 last week, the largest weekly increase since 2012.”

“Today’s data covers the week ending March 14, so won’t have fully captured this week’s escalation in both mandatory and discretionary business closures that will have resulted in significant layoffs.” 

“Expect a much larger increase in next Thursday’s initial claims report.”