By Tyler Durden
709,000 Americans filed for first-time unemployment benefits last week, better than the expected 731k and and a big drop from the prior week’s revised 757k print.
Source: Bloomberg
Washington state and California saw the biggest jumps in jobless claims. Georgia and Texas saw the biggest improvements.
The good news for the headline-creators is that continuing claims dropped below 7 million for the first time since the lockdowns…
However, as initial and continuing claims have ‘improved’, the jobless have rolled off the regular benefits into Pandemic-specific benefits…
Source: Bloomberg
Which, in total, shows over 20 million Americans are still claiming unemployment benefits…
Source: Bloomberg
And if a Biden administration is about to lock the entire nation down for up to six weeks, expect that number to soar even higher!
Source: Zero Hedge
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