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Unemployment Claims Have Stagnated Above 800K in the US

The unemployment claims surged during the lock-down months in the US, as they did all over the globe. The number of unemployed US citizens surged above 40 million at some points in April/May and the unemployment rate increased above 20% unofficially.

Unemployment claims started falling with the reopening, but they stalled above 1 million weekly for several weeks. That barrier was broken and claims declined again, but they have been stagnating again, this time above 800K. Today’s report was expected to show a slight decline to 820K, but jobless claims came at 840K.

Initial jobless claims and continuing claims

  • Initial jobless claims 840K vs. estimate of 820K
  • Four-week average 857K vs 870.25K last week
  • Continuing claims continuing claims fall to 10976K a decrease of over 1 million for the week
  • The four-week average came in at 12112.25K vs 12754,25 last week
During the week ending Sep 19, 50 states reported 11,394,832 individuals claiming Pandemic Unemployment Assistance benefits and 49 states reported 1,959,953 individuals claiming Pandemic Emergency Unemployment Compensation benefits.
The largest increases in initial claims for the week ending September 26 were in Maryland (+3,619), Illinois (+3,414), New Jersey (+2,504), Michigan (+2,358), and Massachusetts (+1,886), while the largest decreases were in Texas (-7,075), Florida (-6,655), Georgia (-5,895), New York (-5,112), and Oregon (-2,317).
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Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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