• The number of Americans filing claims for jobless benefits unexpectedly increased last week, indicating the improvement in the labor market will take time to unfold. ~ Bloomberg
24,000 additional Americans filed for unemployment insurance last week. “A Labor Department spokesman said the rise in claims was due more to administrative factors reflecting volatility around Easter than economic reasons.” Wasn’t this the second week in a row that the claims grew “unexpectedly”?
In the week ending April 3, continuing claims rose to 73,000 to 4.64 million people. This doesn’t include the number of Americans receiving extended benefits under federal programs.
The number of people who’ve used up their traditional benefits and are now collecting emergency and extended payments rose by 162,101 to 5.97 million in the week ended March 27.
Roughly, 10+ million without a pay check. More than half are chronically unemployed.
This unwinding of past excesses will take time. Be wary of the claims of imminent recovery.