Claims Plunge Is ‘Fantastic’ Progress. But Don’t Say ‘Substantial Further’

Claims Plunge Is ‘Fantastic’ Progress. But Don’t Say ‘Substantial Further’

"Just" 576,000 Americans filed for unemployment benefits last week. It's difficult to know how to characterize the latest claims numbers. Last I checked, 576,000 is still more than half a million. So, that's bad. But in the pandemic context, 576,000 is very "good." It's not just that jobless claims are now at a 13-month low. This is the first time claims have been substantially below the pre-pandemic record since things went south more than a year ago (figure below). The four-week moving av
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