Kudlow Says Jobless Claims to Show a Big Increase Thursday

(Bloomberg) -- White House chief economic adviser Larry Kudlow said a government report due Thursday will show a “very large increase” in the number of Americans filing for unemployment benefits, without giving a specific number.

“I’m not at liberty to say” whether the number is in the millions, Kudlow said Wednesday in an interview with Fox News Channel. “But it’s going to be a very big increase -- everybody in the market knows that.”

The median estimate of economists surveyed by Bloomberg shows initial jobless claims surged to a record 1.6 million last week, with projections running as high as 4 million, amid widespread business shutdowns aimed at preventing the coronavirus from spreading.

California Governor Gavin Newsom said Wednesday that 1 million in the state have filed claims since March 13. U.S. Labor Department data released March 19 showed claims rose to 58,000 on an unadjusted basis in week ended March 14.

Labor’s next jobless claims report is due at 8:30 a.m. in Washington.

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