Over 6.6 Million File Initial Unemployment Insurance Claims, Total Nearly 17 Million In 3 Weeks

Previous weeks have been revised higher. Here are the details…

(Silver Doctors Editors) Millions filed initial unemployment claims for a third week in-a-row.

From the Department of Labor:

In the week ending April 4, the advance figure for seasonally adjusted initial claims was 6,606,000, a decrease of 261,000 from the previous week’s revised level. The previous week’s level was revised up by 219,000 from 6,648,000 to 6,867,000. The 4-week moving average was 4,265,500, an increase of 1,598,750 from the previous week’s revised average. The previous week’s average was revised up by 54,750 from 2,612,000 to 2,666,750.

The seasonally adjusted numbers continue to be off the chart:

As do the not-seasonally adjusted numbers:

Some “key insights”, from Bloomberg:

  • As wide swaths of the economy shut down, workers have been laid off across industries with unprecedented speed. Filings will likely stay elevated in the coming weeks, after more states issued stay-at-home orders and Americans get through to file claims on jammed websites and phone lines.
  • The three-week tally implies an unemployment rate approaching 15%, well above the 10% peak reached in the wake of the last recession. The rate was 4.4% in March data that mainly covered the early part of the month, up from a half-century low of 3.5% in February.
  • California reported the most initial claims last week, at an unadjusted 925,000. Nationally, initial claims averaged about 216,000 a week in the 12 months through February, and the weekly record before the pandemic was 695,000 in 1982.
  • Continuing claims — which are reported with a one-week lag and represent Americans currently receiving unemployment benefits — jumped by 4.4 million to 7.46 million in the week ended March 28. That pushed the insured unemployment rate up to 5.1% — the highest since 1982 — from 2.1%.
  • Before seasonal adjustment, last week’s initial claims totaled 6.2 million, compared with 6.02 million the prior week.

Developing…