First-Time Jobless-Benefits Seekers Plunge To COVID-Crisis Lows Amid Collapse In CA,OH Claims

After disappointingly rising the prior week, analysts expected initial jobless claims to shrink modestly last week but remain above 800k (825k exp) for the seventh straight week. However, the data was better, much better, with first-time claimants plunging to just 730k (against a 825k exp) – back near its lowest levels since pre-COVID…

Source: Bloomberg

The plunge in claims was driven by a somewhat unprecedented collapse in claims in California and Ohio…

But Pandemic Emergency Claims soared to post-COVID record highs…

Source: Bloomberg

Leaving the total number of Americans on government unemployment benefits higher, back above 19 million last week…

Source: Bloomberg

So there’s something for everyone here – Good news (initial claims down), Bad news (total claimants higher), and Ugly news (pandemic claims at a record highs)