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Are Initial Jobless Claims Finally Back At Pre-Covid Levels?

Jobless claims
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EDITOR'S NOTE: After nearly two years of increased unemployment thanks to the global pandemic, initial jobless claims are finally back to early 2020 levels. Zero Hedge notes that the most recent government reports (via Bloomberg) are continuing to fall, and now, “the reported number of Americans filing for jobless benefits for the first time was 205k.” This puts the total number of jobless Americans on some sort of government assistance back to pre-pandemic levels at 2.1 million. Zero Hedge notes that this signals one thing more than anything else: “Time for the emergency stimulus to end.”

With seasonal adjustments having major effects on the headline data, the reported number of Americans filing for jobless benefits for the first time was 205k (exactly as expected and exactly the same the prior week's revised number)...

Source: Bloomberg

California and Michigan saw the biggest increases in jobless claims while Missouri and Pennsylvania saw claims tumble...

Photo: Zero Hedge

The total number of Americans on some form of government dole fell back near 2.1 million...

jobless claims

Photo: Zero Hedge

...flat at pre-COVID levels...

jobless claims

Source: Bloomberg

Time for the emergency stimulus to end.

Originally posted on Zero Hedge.

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