HEDGEYE FINANCIALS WEEKLY LABOR MARKET READING
Initial jobless claims (SA) recorded another +2.98 million this week, while continued Claims (SA) shot up to an all-time high of 22.83 million.
Given the unprecedented speed with which initial claims have manifested, our view remains that the best way to contextualize the magnitude of the labor market crisis is to look at continued claims.
Continued claims of 22.8 million are currently ~3.5x the previous high-water mark of ~6.6 million set during the financial crisis.
For a detailed look at both national and state-level jobless claims data, please reach out to firstname.lastname@example.org for more institutional research.