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HEDGEYE FINANCIALS WEEKLY LABOR MARKET READING
Regular state claims rose +181K (+24%) w/w to 965K, while new PUA claims rose +123K (+76%) w/w to 284K.
Continuing state claims of 5.3 million rose +4% w/w as the downtrend appears to have largely flattened out.
Meanwhile, Total Claimants, a figure that is lagged by two weeks, dropped -744K (-4%) w/w to 18.4 million.
As we mentioned last week, because of the lag in the PEUC and Total Claimant data, seasonality from the year-end and holiday period will continue to manifest in those series for at least another couple of weeks.
Notwithstanding the sticky and dauntingly high level of unemployment claims, the projected benefits of refreshed stimulus and the new, greater prospects for additional stimulus following the forthcoming shake-up in Washington will more than likely prove successful in further suppressing the symptoms of widespread and increasingly permanent unemployment over the next few months.