Over One Million Americans Filed For Jobless Benefits Last Week

Analysts expected a second week in a row of less than one million new jobless claims (after a record twenty-week streak above) but they were wrong… 1.106 million Americans filed for jobless benefits last week, back above one million and up notably from the 971k (revised higher) last week, and notably worse than the 920k expected…

Source: Bloomberg

This should not be entirely surprising as PPP rolled off.

California (202,509) dominated the new jobless claimants followed by Georgia (62,335), Florida (61,584), New York (52,631), and Texas (52,304).

Continuing claims improved once again, back below 15million at 14.844mm…

Source: Bloomberg

So there’s “good” news and “bad” news, but the resurgence of new claimants is not a good signal!

Of course, but the numbers remain extreme outliers in a historical context and one can only imagine what happens next if Trump’s EOs are blocked/delayed by Dems or the current path towards a compromise deal in Washington falls apart.