jumped by 181,000. That’s the largest increase since the massive surge of 3.6 million on Mar. 28, 2020.
Initial Claims Trend Turns Up
Initial State Unemployment Claims
Initial claims bottomed at 711,000 on Nov. 7, 2020 and have been rising in a choppy fashion since then.
Continued State Unemployment Claims
s lag initial claims by a week. Continued claims appear to have bottomed and likely have.
A number of people dropped off the rolls because they expired all of their weekly benefits.
Although Congress extended emergency benefits such as PUA and PEUC, those programs expired for a short while. Numbers for those programs are even more distorted so I will wait for a bit to comment.
Jobs Recovery Has Gone Into Reverse
Last Friday I noted Jobs Decline for the First Time in 8 Months
Today’s unemployment claims number strengthen the idea the jobs recovery has stalled.
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