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Disastrous Continued Claims

Initial claims rose by 1.48 million but continued claims at 19.52 million tell the real story.

Continued Claims Historical Perspective

Continued Unemployment Claims 1970 - Present June 25

Initial Claims

Initial Unemployment Claims in 2020 - 2020-06-25

Not a Leading Indicator

Initial claims are touted as a "leading indicator". 

They aren't much of one if indeed anything at all. 

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The Myth of the V-Shaped Recovery in One Chart

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Life Support

20 million people out of work for 8 straight weeks tells the real story: 

This economy is on life support of $600 monthly Federal unemployment insurance due to run out this month.

IMF Assessment

Even the perennially late IMF is beginning to catch on. 

It's a Crisis Like No Other: IMF Downgrades US GDP to -8.0%

Mish