By Tyler Durden
With California’s fraudulent data issues ‘fixed’, initial jobless claims data is at least a little cleaner and printed a better than expected 751k – that’s the best level since pre-lockdown. Reminder, however, that this is still around 4x the pre-lockdown normal.
Continuing claims fell back below 8 million, its lowest level since pre-lockdowns…
Total Claims fell WoW…
But Pandemic Emergency Jobless Claims surged once again…
Sadly, as Peter Schiff recently noted, a lot of the people who have gone back to work in recent weeks will eventually find themselves in the unemployment line again.
I think a lot of these people who have been recalled, who have come back to work, I think ultimately their employers are going to realize, after the fact, that they don’t really need a lot of these workers, and a lot of these workers are going to be re-fired. Except next time it is going to be permanent, not temporary.”
Lockdowns and the government/central bank response to the ensuing economic fallout may have permanently scarred the labor market and there are signs of deep wounds that won’t quickly heal. In a nutshell, a lot of people will likely never return to work.
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