CNBC Television Three experts break down latest unemployment and housing start data
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Austan Goolsbee, professor at the University of Chicago Booth School and former chairman of the White House’s Council of Economic Advisors, Michael Strain, director of economic policy studies at the American Enterprise Institute, and David Bailin, chief investment officer at Citi Private Bank, joins “Squawk Box“ to discuss the latest weekly jobless claims amid the coronavirus crisis.
Protection measures against the coronavirus continued to tear through the employment ranks, with million more Americans filing first-time claims for unemployment insurance last week, the Labor Department reported Thursday.
That brings the crisis total to just over 22 million, nearly wiping out all the job gains since the Great Recession.
The total was a bit worse than the 5 million expected from economists surveyed by Dow Jones.
Though the most recent count, for the week ended April 11, represented a drop from the previous two weeks, it showed that the damage to the U.S. labor market remains profound.
“As we fully know the current state of the labor market with mass waves of layoffs, the key question turns to how many of these people will be rehired when the economy starts to reopen,” said Peter Boockvar, chief investment officer at the Bleakley Group. “We can assume it will take a long time for that to happen but hopefully we’re getting closer to at least getting started.”
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