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US Weekly Jobless Claims Jump By 6.6 Million

By April 9, 2020Lumber Market

Surpassing expectations of approximately 5.5 million, the US has now lost 10% of its workforce to COVID-19. We’re at a record pace and this certainly doesn’t instill the confidence needed to move the market or collective mindset. It’s too early to forecast any long-term lumber market impact accurately and we are likely going to see more of a decline in consumer confidence as the worst is yet to come, so we are told. As the lumber community braces for what’s next, we urge you to keep an eye on the data and listen to science. What we do know is over 1 million of the jobless claims reported last week lost their jobs and were unable to look for work because of the coronavirus-related restrictions. It is though 261,000 less compared to a week ago.

Our goals are to weed through the political overtones and provide insight into what we can expect – right now we know that’s a remote sales force that needs to get stronger. There’s still an (albeit softer) demand for building materials and we must keep product moving.