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Jobs report beats estimates but still U.G.L.Y.

  • Weekly jobless claims total 1.314M compared to the economist estimates of 1.39M.

  • This is a decline of 100,000 over last week

  • Continuing claims fell sharply over last week, by 698,000 to 18.06M

HOWEVER

  • Claims under the Pandemic Unemployment Assistance program also totaled 1.039 million, an increase of nearly 42,000 from the previous week.

  • PUA recipients now total 14.4 million, bringing the total of those claiming benefits to a record 32.9 million.

  • Despite the better-than-expected numbers, this marked the 15th consecutive week that initial claims totaled above 1 million = NO BUENO

Other Data Points

  • At the state level, Texas saw the biggest increase in weekly jobless claims, at 20,651, according to data not seasonally adjusted. Florida saw the biggest decline, of 17,300.

  • United Airlines this week put 36,000 workers on notice for potential layoffs as the airline industry struggles to regain its footing after a near-shutdown during the crisis.

  • Wells Fargo preparing to cut thousands of jobs.

  • Congress and the White House are working on an extension of the CARES ACT program, but it remains unclear what form that might take.


#COVID19 #JoblessClaims #Economy

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