[CNBC Television] Two former CEA chairmen on record-breaking jobless claims amid COVID-19 pandemic
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Glenn Hubbard, former chairman of the Council of Economic Advisers, and Austan Goolsbee, professor at the University of Chicago Booth School and former chairman of the Council of Economic Advisers join “Squawk Box“ to discuss the historic weekly jobless claims that correspond with the beginning of the US response to the coronavirus outbreak.
Americans displaced by the coronavirus crisis filed unemployment claims in record numbers last week, with the Labor Department reporting Thursday a surge to million.
The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982. The previous week, which reflected the period before the worst of the coronavirus hit, was 282,000, which was higher than expected at the time.
Consensus estimates from economists surveyed by Dow Jones showed an expectation for 1.5 million new claims, though individual forecasts on Wall Street had been anticipating a much higher number. The surge comes amid a crippling slowdown brought on by the coronavirus crisis.
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