The first three posts on the state of the U.S. labor markets have covered:
- Continued Unemployment Claims (https://trueeconomics.blogspot.com/2021/02/4221-us-labor-markets-americas-scariest.html);
- Labor force participation rate and Employment-to-Population ratio (https://trueeconomics.blogspot.com/2021/02/4221-us-labor-markets-americas-scariest_4.html); and
- Non-farms payrolls (https://trueeconomics.blogspot.com/2021/02/4221-us-labor-markets-americas-scariest_16.html)
In this post, let's take a look at new unemployment claims data through the week of January 30, 2021:
The data confirms the worrying trends cited in reference to continued unemployment claims. In the last week of January 2021, based on preliminary estimates published today, initial unemployment claims stood at 816,247 - a decline of just 23,525 on prior week reading. The 4-weeks cumulative initial unemployment claims are at 3,744,581, which only 103.433 down on prior 4 weeks period. Net, over the last 5 weeks, the reduction in initial unemployment claims stands at a miserly 19,725.
Despite little media coverage, the U.S. labor markets remain stricken by the pandemic effects on economic activity. If we strip out data for the pandemic period-to-date, the latest weekly reading for initial unemployment claim ranks as the 10th highest in the history of the series.