Weekly jobless claims rose in the U.S. to the highest level since 1982, signaling a further deterioration in the U.S. employment market. The seasonally-adjusted number for initial claims was 573,000 while the real number was an eye-popping 757,481. Meanwhile continuing claims surged to 4.4 million, up 338,000 in one week alone. In the reporting of these numbers, I have yet to see anyone realize this is the largest weekly increase in jobless ever. Only one data point from November 1974 matches this weekly surge in continuing unemployment claims and the data series goes back to 1967.
Granted, there are significant data challenges during the holiday season due to seasonal adjustments, but there is no way to spin this data.They are grim. Expect some serious job losses when the December unemployment report comes out in early January.Read more ›