Continued unemployment claims jumped by 2.2 million to 29.2 million, worst since Aug 1, as claims by gig workers under federal PUA program soar. State plus federal initial claims jumped to 1.59 million “not seasonally adjusted.” 18.3% of labor force on unemployment insurance.
A sort of sector rotation of layoffs, and it’s not a good sign, even as millions of lower-wage workers are being hired back (transcript of my podcast).
27 million people still on unemployment rolls, or 16.9% of Labor Force. Initial claims under state and federal PUA programs tick up to 1.43 million in the week (not seasonally adjusted).
During the week, 1.32 million newly-out-of-work people filed for state or federal unemployment insurance. A huge number of job losses. But more people returned to work.
45 million people have been furloughed in Germany, the UK, France, Italy, and Spain, but the “unemployment” rate barely budged. Creating government-subsidized zombie companies & zombie jobs?
Some people returned to work, but 1.64 million newly-out-of-work people filed for state or federal unemployment insurance. Labor market at essentially the same level of terribleness for months.
Torrent of 2.4 million new claims under state & federal programs. PUA claims by gig workers now 45% of total unemployment. Many people are hired back, but many are newly laid off. Labor market recovery remains hard to discern.
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