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Span’s jobless claims hit highest on record in March

Span’s jobless claims hit highest on record in March

Jobless claims on Spain saw a surge by 302.3 thousand in March, the highest on record, following a decrease by 7.8 thousand in February, as Spain suffer to contain the coronavirus outbreak.

Analysts had predicted an increase by 27.7 thousand, but the reading smashed the claims of nearly 200,000 that was recorded during the financial crisis.

The euro area’s fourth largest economy has been under a lockdown since March 14 to lower the number of new Covid-19 cases.

With 104,118 Covid-19 cases, Spain ranks the third worldwide, noting that the deaths toll from the respiratory disease has so far totaled 9,387.

The government will probably extend the lockdown beyond April 12 due to the rapid rise in new infections.

Data released yesterday showed that Spain’s manufacturing PMI registered 45.7 in March, the steepest contraction in almost seven years, down from 50.4 in February.

Later in the day, eyes will focus on the initial jobless claims figures in the United states, amid expectations of seeing a rise to 3.6 million in the week through March 28.

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