Glacier FarmMedia COVID-19 & the Farm

Global Markets: U.S. jobless claims beat previous record

By MarketsFarm

WINNIPEG, Apr. 2 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
United States jobless claims have hit 6.6 million, which is a new record for the country. The previous record was set last week, when 3.3 million lost their jobs. Economists expect even more people to file for unemployment in the coming weeks and months as COVID-19 has brought most industries to a screeching halt.
Statistics Canada reported that Canada’s trade deficit narrowed to total C$983 million in February, due largely to higher exports of aircrafts and lower imports of crude oil. Exports for aircrafts and other transportation equipment rose by 18.5 per cent, while energy imports fell by 16 per cent. Economists had expected February’s deficit to total C$1.87 billion.
The U.S. trade deficit also hit a three-year low in February due to a decline in both imports and exports. The trade deficit hit US$39 billion, compared to US$45 billion in January. Imports were lower by 2.5 per cent to total US$247.5 billion, and exports dropped 0.4 per cent to total US$207.5 billion. The data indicated a global slowdown in trade before the unprecedented disruption brought on by COVID-19 in March.

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