This morning the Department of Labor released initial jobless claims for the week ended May 16, the advance figure came in at 2.4M, a decrease of 249k from the previous week’s revised level. It’s interesting to note the previous week’s level was revised down by 294k from 3.0M to 2.7M representing the largest relative adjustment since the pandemic began.
It’s also interesting to note that the insured unemployment rate continues to climb reaching 17.8% based on the seasonally adjusted number.
In case you’re keeping tabs, we now have seen the largest unemployment rate since the great depression.
At the time of publishing the Dow Jones Index is down 0.43% to 24,413.
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Information for this briefing was found via the Department of Labor. The author has no securities or affiliations with any of the mentioned securities. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
