This is a syndicated repost courtesy of True Economics. To view original, click here. Reposted with permission.
Continued unemployment claims (based on seasonally-adjusted data) are continuing to decline, as the latest data through mid-December 2020 shows, yet, even with these news, the latest data print puts continued claims for unemployment at the levels comparable with late 2009.
LEE ADLERSo here is the chart showing overall levels of continued unemployment claims in the U.S.:
Click to enlarge
And here is one of my “Scariest Charts”, showing index of continued unemployment claims across all modern recessions:
Given current rates of continued unemployment claims declines,
- Over the last 4 weeks, average weekly decrease in continued unemployment claims stood at 77,000
- Current levels are 3,570,000 higher than pre-Covid low.
- Which means that it would take roughly 46 weeks at the current 4-weeks average rate of decrease to eliminate surplus unemployment generated by the Covid19 pandemic. Which is pretty much the same distance to point of regaining pre-Covid19 levels of unemployment claims as well.
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