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WORK - Insider Weekends: Markets Continue To Buck Economic Headwinds
Slack Technologies Inc. Class A
With the latest round of unemployment data indicating an additional 4.4 million Americans filed for unemployment, the total number of people filing for unemployment has now reached 26.5 million and the unemployment rate spiked over 20%. For context, the unemployment rate in March 2020 was 4.4% and the highest it ever reached during the last recession was 10% in October 2009.
U.S. Unemployment Initial Claims By Week (click to enlarge)
The shock to the economy has been rapid and is reflected in many pockets of the market with oil futures (WTI) for May