Impossible To Sugarcoat The Disastrous U.S. Unemployment Claims
Mike (Mish) Shedlock | Jun 26, 2020 01:28AM ET
For the 8th week, continued US jobless claims were near or above 20 million. Initial claims rose by 1.48 million but continued claims at 19.52 million tell the real story.
Initial claims are touted as a "leading indicator". They aren't much of one if indeed anything at all. 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 that are due to run out this month.
Even the perennially late IMF is beginning to catch on. The fund declared this week that this was "a crisis like no other." The IMF expects the US economy to contract by 8% this year, marking a significant deterioration from its assessment in April.
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