Initial jobless claims
- initial jobless claims rises sharply 2281K from 220K est and 211K last week
- 4 week moving average to 234.5K vs 214K last week
- continuing claims 1701k vs 1738K estimate. Last week 1699K (was 1722K)
- The four-week average 1703.25K vs 1727.5 last week
- Highest since September 2017
- The largest increases in initial claims for the week ending March 7 were in California (+1,707), Texas (+1,663), Washington (+846), North Carolina (+808), and Florida (+472),
- the largest decreases were in New York (-17,173), Ohio (-3,371), Georgia (-969), Virginia (-740), and Wisconsin (-606).
Interesting in the report is NY showed a decline in claims (HMMMM). The largest increases were in California, Texas (oil too?) and Washington. Of course Washington is an epicenter of the virus. California is shut down. The numbers will soar there in coming weeks.
As Adam has been warning that the claims data would be moving higher/sharply higher. I think he would now say, "You ain't seen nothing yet". Folks, we ain't seen nothing yet.
The Department of Labor added the following to the report:
During the week ending March 14, the increase in initial claims are clearly attributable to impacts from the COVID-19 virus. A number of states specifically cited COVID-19 related layoffs, while many states reported increased layoffs in service related industries broadly and in the accommodation and food services industries specifically, as well as in the transportation and warehousing industry, whether COVID-19 was identified directly or not.
