(New York)

The job losses keep coming week over week. Thursday morning has become a repetitive and gloomy event as millions of job losses hit the tape when weekly jobless claims are released. This morning the figure was 3.3m. That number means the total figure is now over 30m jobs lost in the last six weeks. The fastest drop in history by a gigantic margin. What is even more troubling is that the data underrepresents the true figure, as call centers have been unable to cope with the demand and thus have been underreporting true figures.

FINSUM: The job loss figures are absolutely staggering. California is paying $1bn in jobless insurance per day. We think the market is underestimating how deep of a recession this hit to consumer spending might represent.