Unemployment Claims Hit All-Time High

Key Takeways

• Initial unemployment claims soar to 3.3 million, doubling consensus forecasts

• This is nearly five times higher than previous record

• Reflects significant impact of COVID-19 on service businesses like hotels and restaurants

• The steep rise will put upward pressure on the unemployment rate

Moratorium on Residential Evictions

Key Takeaways

• Local governments suspend evictions to protect tenants and slow spread of the coronavirus

• Specifics vary by local area, but generally halt evictions for 60-120 days or until emergency subsides

• Canadian restricted evictions: Ontario, B.C., Quebec, Manitoba, Nova Scotia, P.E.I, N.W.T.

Agreement Made on Largest Stimulus Bill in History

Key Takeaways

• $2 trillion aimed at shoring up economy reaches agreement in Congress

• The bill will provide up to $850 billion in loans to small business and vulnerable industries

• The proposal includes cash payments of $1,200 for individuals and $500 for children

• Student loan payments will be suspended and food assistance will be expanded

• The bill provides $250 billion in expanded unemployment benefits, $32 billion in relief for airlines, and $117 billion for hospitals