Courtesy of ZeroHedge View original post here.
After disappointingly staying above 1 million in the prior week, economists expected less than 1 million (950k) Americans to file for first time unemployment benefits in the last week, and the final print was better than expected (below 1 million) at 881,000…
Source: Bloomberg
Six months into this shitshow driven by the government's forced lockdown, this is still over four times larger than the average weekly claims data pre-COVID!!
California saw by far the worst jump in claims while Florida, Georgia, and Michigan all saw drops in claims…
Continuing Claims improved again (dropping by 1.238mm last week)…
Source: Bloomberg
Remember these numbers are completely useless since the seasonal adjustments are now completely different (and are not restated historically – thus making the week to week comps like apples-to-carrots).
In fact, on a non-seasonally-adjusted basis, initial claims worsened week-over-week…
Source: Bloomberg