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Number of Americans Filing For Jobless Claims Plunged Last Week

Jobless Claims
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EDITOR'S NOTE: Surprisingly, “after unexpectedly jumping by over 600,000 the prior week back above 3.1 million,” Zero Hedge (h/t Bloomberg) reports, “the total number of Americans on some form of government dole fell back below 3 million last week.” Also, “Pandemic aid recipients crashed by over 500,000.” Initial jobless claims fell below 200,000 as well. While this is good news in a vacuum, it doesn’t mean that Fed chairman Jerome Powell’s mission is accomplished. It may mean that the Fed will finally feel comfortable enough with employment to start raising rates, which we should all start preparing for. 

After unexpectedly jumping by over 600,000 the prior week, back above 3.1 million, the total number of Americans on some form of government dole fell back below 3 million last week...

Source: Zero Hedge via Bloomberg

...as Pandemic aid recipients crashed by over 500,000...

Photo: Zero Hedge

Rather stunningly, initial jobless claims plunged back below 200k.

This is the lowest number of Americans filing for first-time jobless benefits since 1969.

jobless claims

Source: Zero Hedge via Bloomberg

Virginia was the week's outlier, seeing claims rise 17732. Others adding are illinois 4585 and Michigan at 2152 and on the downside Cali -6558, Kentucky -3924 and DC -1659.

jobless claims

Photo: Zero Hedge

Mission Accomplished, Mr.Powell!?

Originally posted on Zero Hedge.

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