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Takeaway: The pace of recovery from elevated Initial and continuing state claims levels, while still slow, has improved over the past few weeks.

Below is a complimentary research note from our Financials analyst Josh Steiner. We are pleased to announce that we recently launched Financials Sector Pro, Josh's new research product. Click HERE to learn more. 

Weekly U.I. Claims Recovery Slowly Picking Up Pace - 05.28.2020 covid jobs report cartoon  5

HEDGEYE FINANCIALS WEEKLY LABOR MARKET READING

Weekly U.I. Claims Recovery Slowly Picking Up Pace - Summary 

Regular state claims decreased -111K (-13%) w/w to 730K, while new PUA claims decreased -61K (-12%) w/w to 451K.

Weekly U.I. Claims Recovery Slowly Picking Up Pace - Initial 

Weekly U.I. Claims Recovery Slowly Picking Up Pace - PUA

Continuing state claims of 4.4 million fell -2% w/w.

Weekly U.I. Claims Recovery Slowly Picking Up Pace - Continuing

Meanwhile, Total Claimants, a figure that is lagged by two weeks, increased +701K (+3.8%) w/w to 19.0 million.

Weekly U.I. Claims Recovery Slowly Picking Up Pace - Total

PEUC claims increased +1.0M (+25%) w/w to 4.1M.

Weekly U.I. Claims Recovery Slowly Picking Up Pace - PEUC

Although initial and continuing state claims continue to very slowly trend downwards, both figures remain at dauntingly high levels.

Nonetheless, the projected benefits of refreshed stimulus and the new, greater prospects for additional stimulus following the new Congressional makeup in Washington will more than likely prove successful in further suppressing the symptoms of widespread and increasingly permanent unemployment over the next few months.

Weekly U.I. Claims Recovery Slowly Picking Up Pace - 152627