US initial jobless claims to rise to 3 million this week - Bank of America Merrill Lynch

Bank of America Merrill Lynch expects the US initial jobless claims or the number of new jobless claims for unemployment benefits filed by unemployed individuals with state unemployment agencies, are likely to spike to 3 million this week, having risen to 281,000 last week, as noted by Bloomberg financial journalist Tracy Alloway. 

Most investment banks expect the US economy to suffer an unprecedented economic contraction in the second quarter and a sharp rise in the unemployment rate.