According to the Labor Department, initial claims for state unemployment benefits increased 12,000 last week. Last week's advance pushed the total number of claims (669,000) to the highest level since October 1982.
Moreover, the 669,000 claims are up 72% from the same period last year. The four-week average of initial claims increased 6,500 to 656,750; hitting its highest point since October 1982.
For the week ending March 21, the number of people collecting state unemployment benefits increased 161,000 to 5.73 million. Not only is this level 96% higher than a year ago, but it is also a new record (should we sound bells and whistles?).
The four-week average of continuing claims increased 163,500 to its own record of 5.5 million.
With optimism in the stock market this morning, let's see if this data can pull the bears out of their brief hibernation. If the market continues its news-related rally despite the worse-than-expected numbers, are we in the midst of what some refer to as a "sucker's rally?" We shall see.
With optimism in the stock market this morning, let's see if this data can pull the bears out of their brief hibernation. If the market continues its news-related rally despite the worse-than-expected numbers, are we in the midst of what some refer to as a "sucker's rally?" We shall see.
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