After “Big Jobs Numbers”, Initial Jobless Claims Fall Below 1 Million For First Time In 21 Weeks

For the first time in 21 weeks, Initial Jobless Claims for the last week was less than 1 million, printing at 963k (vs 1.1mm exp)

Following last week’s “big jobs numbers”, Continuing Jobless Claims fell (improved) for the second week in a row (after a brief blip higher)…

Nevada, Puerto Rico, and Kansas saw the biggest jumps in jobless claims last week while Florida, New York, and Georgia saw big drops…

A total of 56.29 million Americans have now applied for jobless benefits for the first time since the pandemic lockdowns began (that’s over 360 layoffs for every COVID death in America), and massively more than the 22.1 million during the great financial crisis.

However, Despite today’s relatively positive news (yes 963,000 Americans still filed for first time benefits), following President Trump’s EOs, leaving the latest round of virus relief continuing to be stuck in gridlock, we suspect things will get depressingly worse before they get better.