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. This is the
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…
Which, in total, shows over 20 million Americans are still claiming unemployment benefits…
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!