ML-Implode News - U.S. jobless claims may reach 2.25 million, Goldman Sachs economist estimates

David Choi, an economist from Goldman Sachs, says initial claims for the week ending March 21 may jump to a seasonally adjusted 2.25 million. His analysis is based on recent anecdotes from press reports as well as company announcements. Over 30 states have provided preliminary data.
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He said that even the most conservative assumption would be claims reaching over 1 million, which would top the record high of 695,000 in 1982.

He also estimated revenue declines in consumer-facing businesses, using a similar methodology.

Casino gambling revenue may have dropped 95%, sports & entertainment may have fallen 80%, hotels revenue may have dropped 75%, public transportation revenue may have dropped 70%, restaurant revenue may have dropped 65% and goods outside of food may have dropped 30%

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U.S. jobless claims may reach 2.25 million, Goldman Sachs economist estimates