HEDGEYE FINANCIALS WEEKLY LABOR MARKET READING
Initial jobless claims (SA) recorded another 3.84 million this week, while continued Claims (SA) shot up to an all-time high of 18 million.
Given the unprecedented speed with which initial claims have manifested, our view is that the proper way to contextualize the magnitude remains to look at continued claims. Continued claims of 18 million are currently ~2.7x the previous high-water mark of ~6.6 million set during the financial crisis. What's more, the flow-through from initial claimants to continuing claimants remains significant at 49% this week.
Continued unemployment insurance claims, the total number of people claiming benefits in all programs for the week ending April 17th, 2020, were 17.99 million and 17.78 million on a seasonally-adjusted and non-adjusted basis, respectively.
Meanwhile, initial unemployment insurance claims, filed in the week ending April 24th, 2020, to indicate loss of employment in the week ending April 23rd, 2020, were 3.84 million and 3.49 million on a seasonally-adjusted and non-adjusted basis, respectively.
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