Continuing Claims Streak Of Declines Back On The Ropes

Including all programs adds some lag to the data meaning the most recent data is for the week of April 9th. Continuing claims across all programs fell 846K to 16.587 million. That is the second-lowest reading of the pandemic behind the first week of the year’s 16.05 million reading, although that week comes with the caveat of some irregularities on account of the timing of the signing of the spending bill. Essentially every program saw lower claims counts with the biggest drop coming from Pandemic Emergency Unemployment Compensation (PEUC) which fell by over 400K. Since the fall, this program as well as others that extend benefits beyond normal expiration have accounted for an increased share of total claims meaning a growing number of the unemployed have been facing long-term unemployment. Over the past several weeks, though, this reading has also been improving. 

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