American labor dynamics deteriorated further for the week ending April 18 as 4.427 million workers filed initial jobless claims, implying that the near real-time unemployment rate has increased to 21.1% at a minimum. Over the past five weeks, the U.S. economy has shed 26.45 million jobs, which is ... READ MORE >
initial jobless claims
Most states report drops in initial jobless claims, but totals remain staggering
The number of newly out-of-work employees moved lower in the last week in all but four states, but the totals remain extremely high. This is according to initial claims for unemployment insurance benefits filed during the week at state agencies. The damage done in Michigan, Ohio and California is ... READ MORE >
Initial jobless claims point to near real-time unemployment rate of 18.1%
The slow-motion train wreck of weekly initial U.S. jobless claims continued as data for the week ending April 11 produced an additional 5.245 million applications, implying a near real-time unemployment rate of 18.1% at a minimum. Once one adds in those not captured by the data, we are almost ... READ MORE >
State-by-state initial jobless claims show the spread of the coronavirus
The latest initial jobless claims report shows that layoffs of employees were lower in some of the already hardest-hit states, but were widespread nonetheless. The twin economic powerhouses of the United States, California and Texas, over the past three weeks saw a surge of roughly 2.2 million and ... READ MORE >
Initial jobless claims surge by 6.6 million, implying unemployment rate of 14.6%
The carnage in the American labor market continued unabated for the week ending April 4 as first-time jobless claims soared to 6.6 million, which implies a real-time U.S. unemployment rate of 14.6% at a minimum. Once one takes into account those who have lost their jobs but are not showing up in the ... READ MORE >
The state-by-state toll of the coronavirus shutdown on the labor market
The widespread layoffs of American workers worsened in the third week of the coronavirus shutdown, with all states (with the exception of the Virgin Islands) now having reported a significant increase in initial jobless claims at some point during the three-week period. This strongly suggests that ... READ MORE >
Tectonic shift in initial jobless claims implies 10.1% unemployment rate
The tectonic shifts in the American labor market continued during the week ending March 28 as first-time jobless claims increased by a record 6.64 million, which implies a real-time unemployment rate of 10.1% at a minimum. Over the past two weeks, the pace of firings in the economy has surged as the ... READ MORE >
Initial jobless claims preview: Expect another big increase
Labor market dynamics set off by the coronavirus crisis are moving faster than economists can capture with our linear models inside what is a profoundly nonlinear, disease-induced change in the economy. Humility and not hubris is the order of the day for what will be another turbulent week and for ... READ MORE >
For states struggling with coronavirus, stimulus package is likely not enough
The increase in out-of-work Americans became a tsunami of household distress as municipalities and states took action to stop the spread of the coronavirus. All states – with the exception of Utah – reported significant numbers of workers filing for unemployment benefits as state and local authorities and ... READ MORE >