I looked at a lot of Missouri unemployment data and am hoping the 2nd quarter data will eliminate some anomalies...
As expected, Q1 2020 saw a jump in Initial Claims filed. From 51,743 in Q4 2019 to a staggering 235,446; an increase of 355%
The total number of unemployed weeks being claimed jumped by almost 200k. But only 72% of those weeks were actually paid
The total number of unemployed weeks being claimed jumped by almost 200k. But only 72% of those weeks were actually paid
I looked at every quarter going back to 2000, and 72% is the lowest of them. That number rarely dropped below 80%, and occasionally hit the 90s
Because UI benefits can max out per time period, 1st Q generally sees the highest payouts. 4th Q, usually the lowest. Not 2020.
Because UI benefits can max out per time period, 1st Q generally sees the highest payouts. 4th Q, usually the lowest. Not 2020.
Pandemic job loss hit late in Q1. Most claims wait a 2 week protest period before 1st payment. So it makes sense the spike in 1st payments would lag behind the spike in filings
The 11 % point drop in claims paid per filing is also likely due to when the initial claims were filed
The 11 % point drop in claims paid per filing is also likely due to when the initial claims were filed
fwiw...
Nationally, the rate of claim weeks paid per those filed was 80%, leaving Missouri in the middle of the pack for Q1 2020
North Carolina came in last at 51%, and Puerto Rico topped the list at 93.04%, with ranching and seasonal worker heavy Wyoming right behind at 93.01%
Nationally, the rate of claim weeks paid per those filed was 80%, leaving Missouri in the middle of the pack for Q1 2020
North Carolina came in last at 51%, and Puerto Rico topped the list at 93.04%, with ranching and seasonal worker heavy Wyoming right behind at 93.01%
When the 2nd Quarter data becomes available, I'll be very eager to see how much catching up the "weeks compensated" column becomes, given the discrepancy between weeks claimed and weeks paid in Q1
Payments marked as the 1st on a claim should skyrocket in Q2...should. We'll see
Payments marked as the 1st on a claim should skyrocket in Q2...should. We'll see