Thursday, March 26, 2020

And It Begins: New Unemployed Caims Come in at 3, 283,000!!

The first piece of hard data on how the lockdown of a major part of the country is impacting the economy is in.

The Labor Department reports that in the week ending March 21, the advance figure for seasonally adjusted initial claims was 3,283,000, an increase of 3,001,000 from the previous week's revised level. 

This marks the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series. We will get another huge number next week.

The previous high was not close at 695,000 in October of 1982. 



  1. And they are saying it doesn't matter. Mnuchin says Jobs Not Relevent. Stocks go higher. Why?...everything being nationalized and bought by the Fed.

  2. Socks go up but the value of those dollars goes down. This is now a Venezuelan stock market.

  3. And where again did you say this pent-up demand will be again? I suppose when the shelter in place those that dont have jobs can go running to celebrate by drinking martinis and getting perms.

  4. Even adjusted for raw population differences, today's unemployment claims are roughly 1 in 100 Americans vs 1 in 183 Americans in 1929. That doesn't adjust for anything however, just simple total pop / total unemployment claims.