Thursday Unemployment Numbers Still Suck

It’s more than twice the record from before the Covid-19 shutdown started, 16 weeks of initial claims over a million.

Until we are well below a million initial claims, it’s folly to claim that their is a recovery going on:

Initial unemployment claims fell by a seasonally adjusted 99,000 to 1.3 million for the week ended July 4, the Labor Department reported Thursday. That extends a trend of gradual declines from a peak of 6.9 million in mid-March, when the coronavirus pandemic and mandated business closures shut down swaths of the U.S. economy. Still, last week’s level was well above the highest week on record before this year, which was 695,000 in 1982.

The number of Americans receiving unemployment benefits fell by nearly 700,000 to 18.1 million for the week ended June 27, the lowest reading since the week ended April 18. Those so-called continuing claims are reported with a week lag. The modest easing of the number of unemployment rolls suggests new layoffs are being offset by hiring and recalling of workers.

Employers added a combined 7.5 million jobs in May and June after shedding 21 million jobs in March and April, separate Labor Department data showed.

Claims fell in most states last week, including California and Florida, on a non-seasonally-adjusted basis, the Labor Department said. Claims did rise by 20,000 in Texas, 18,700 in New Jersey and by nearly 10,000 in Louisiana.

FWIW, the claims drop for Florida is highly suspect, as their unemployment system was intentionally broken by Governor Rick “Bat Boy” Scott.

Even now, the Florida unemployment trust fund is earning millions  in interest in delayed claims. (Also: Never go against a Sicilian when death is on the line.)

Given the corona virus explosion and the re-shutdown in Florida, it is simply inconceivable that that their claims fell.

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