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HEDGEYE FINANCIALS WEEKLY LABOR MARKET READING
Regular state claims increased +45K (+6%) w/w to 770K, while new PUA claims decreased -197K (-41%) w/w to 282K.
The large drop off in PUA claims is attributable to Ohio, which, based on several media stories, has been a source of tremendous claims fraud.
To put things into perspective, Ohio accounts for 3.5% of the U.S. population, but had been comprising 18% of jobless claims.
Continuing state claims of 4.1 million fell -0.4% w/w.
Meanwhile, Total Claimants, a figure that is lagged by two weeks, decreased -1.9M (-9%) w/w to 18.2 million.
PEUC claims decreased -641K (-12%) w/w to 4.8M.
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.