Jobless Claims Improved Last Week Thanks To ‘Odd’ Plunge In Illinois

Jobless Claims Improved Last Week Thanks To ‘Odd’ Plunge In Illinois

Following ADP’s major disappointment yesterday, and ahead of tomorrow’s headline-making payrolls print, analysts expected a nudge higher in initial jobless claims last week after two weeks of modest improvements. Instead, initial claims modestly improved from a revised 790k the prior week to 787k last week (better than the 800k expected)…

Source: Bloomberg

A massive plunge in Illinois claims appears to the culprit for the improvement

Pandemic Emergency jobless claims fell last week also…

Source: Bloomberg

Overall, around 20 million Americans remain on government jobless benefits…

Source: Bloomberg

As Joe Brusuelas notes, seasonal factors at the turn of the year tend to damp claims & we are certain that this data understates the true number of those out of work.

There are 19.1 million individuals on some form of UI benefit.

Tyler Durden
Thu, 01/07/2021 – 08:38

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