UI claims dropped more than expected last wk after stalling out for several wks.

Workers filed 723K UI initial claims + 298K PUA claims = another 1.02 million claims NSA

Note this is still the 34rd straight wk of claims over 1 million weekly claims.

#joblessclaims 1/

PUA claims dropped 64K WoW, driven by reversal of unusual bumps in:
NV: -32K
OH: -18K
AZ: -10K

PUA has struggled w/ fraud & other issues; the return to the current level feels more like a reflection of that than changing economic conditions

#joblessclaims 2/

Continuing claims continue to plummet, partially driven by the exhaustion of benefits for many claimants.

So far over 7 million UI claimants and 1 million EB/PEUC claimants have had their benefits expire.

#joblessclaims 3/

And note that of the 21 million total continuing claims, 9.4 million (PUA) & 4.1 million (PEUC) = 13.5 million are in programs that expire on Dec 26.

That's almost 2/3rd of claims that may disappear at the EOY w/o a deal in Congress to extend the programs.

#joblessclaims 4/

And I'll repeat: pulling the rug out from under unemployed Americans right as COVID cases are spiking is dangerous.

Again, health & economic interests are aligned; such a move would be bad for both the pandemic & the economy

https://twitter.com/DanielBZhao/status/1326592939934494721?s=20

#joblessclaims 5/5