Market Commentary

Unemployment Claims

unemployment claims

They continue to fall and this week it fell to 473,000, a decrease of 34,000 from the previous week. This is the lowest level since March 14th, 2020. These numbers are adjusted almost every week so we should expect the 473,000 to be adjusted. Last week it was adjusted up by 9,000.

The total number of people collecting unemployment benefits is over three million. A year ago, it was twenty million. The two largest states for extended benefits is California and New York with 190,000 and 180,000, respectively. Texas another large state has 10,000. If you relate these numbers to the size of the population of the state, California is the highest a 39.5 million, Texas is second at 28.9, Florida is third at 21,5 million and New York is fourth at 19.5 million. To be thorough, Florida has no extended benefits being paid. Texas and Florida were the leaders in reopening their economies so they should and do show fewer people on the unemployment rolls based on a percentage of the population.

As the rest of the states re-open claims should continue their downward spiral. It can not be too soon for those unemployed.