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HEDGEYE FINANCIALS WEEKLY LABOR MARKET READING
As the domestic economy reopens and labor markets progress towards normalization, with pandemic-related uncertainty fading, we continue to see a strengthening in the downtrend in jobless claims data - marked by another pandemic low in the initial weekly claims figure.
Moreover, in response to a weak April jobs gain and worries about government transfer payments discouraging a return to work, at least 21 states have announced that they will be cutting off access to enhanced unemployment benefits beginning in June.
Naturally, we expect this move to trigger a further downward acceleration in claims data over the coming months.
Read more Financials Sector Pro: Downtrend Growing More Steady For Weekly U.I. Claims