US With Another 3.0M Jobless Claims; 36M Over Last 8 Weeks.

This morning the Department of Labor released initial jobless claims data for the week ended May 9th, 2020. The advance figure for seasonally adjusted initial claims was 2.98M, a decrease of 195k from the previous week. The data represents a cumulative 36.5M jobless claims over the last 8 weeks.

Source: Department of Labor

Last week, the unemployment data came in at 14.7%. A number that many rolled their eyes at, including Minneapolis Federal Reserve President Neel Kashkari who told us the real rate is likely 22- 23%. The Department of Labor tells us the advanced seasonally adjusted insured unemployment rate was 15.7% for the week ended May 2, an increase of 0.3% from the previous week.

At the time of publishing the Dow Jones Index is trading down 1.39% to 22,844.

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.

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