- by New Deal democrat
New jobless claims continue to be the most important weekly economic datapoint, as increasing numbers of vaccinated people and outdoor activities have led to an abatement of the pandemic - deaths are at their lowest point in over a year, and new infections at their lowest points since the onset of the pandemic.
Several weeks ago we hit my objective for claims to be under 500,000 before Memorial Day, and this week we hit second objective, for claims to be below 400,000 by Labor Day.
REMINDER: Because of the unprecedented number of layoffs during the April and May 2020 lockdowns, for the last year I have given heightened importance to the non-seasonally adjusted numbers. This will be the last week I include them.
New jobless claims declined 20,000 to 385,000. On a unadjusted basis, however, new jobless claims rose 6,014 to 425,450. The 4 week average of claims declined by 30,500 to 428,000. Both seasonally adjusted numbers were new pandemic lows.