There Are Still Over 18 Million Americans Getting Government Jobless Benefits

After mixed messages in last week’s claims data (low initial claims, record high pandemic continuing claims), analysts expected a further fall in first time jobless benefit seekers but were disappointed as claims rose from 684k the previous week to 719k last week.

Source: Bloomberg

Virginia and Kentucky saw the biggest rise in initial claims. Ohio saw the biggest drop in claims…

Continuing claims continue to slide towards pre-COVID levels, but in context, they remain dramatically higher. Pandemic emergency claims dipped but  remain near record highs…

Source: Bloomberg

The total number of Americans receiving some form of unemployment benefit from the US government remains above 18 million (18,213,575 – a decrease of 1,517,926 from the previous week)…

Source: Bloomberg

For context, there were 2,102,852 weekly claims filed for benefits in all programs in the comparable week in 2020.

Does this bode well for tomorrow’s payrolls (which some suggest could be a stunning 1.8 million job addition).