Pennsylvania

Initial Jobless Claims Disappoint Again As Pennsylvania Pukes Again

Initial Jobless Claims Disappoint Again As Pennsylvania
Pukes Again 1

After rising unexpectedly last week (to 412k), initial jobless claims were expected to drop back (to 380k), but perhaps most notably, today’s jobless claims report is the first to reflect the early June 12 phase out emergency benefits in Alaska, Iowa, Missouri and Mississippi.

The analysts were wrong – initial claims printed 411k (notably worse than the 380k expected) and relatively flat from the week before

Source: Bloomberg

But something crazy is going on in PA as for the second week in a row, it was the massive outlier in initial claims…

Initial Jobless Claims Disappoint Again As Pennsylvania
Pukes Again 2

And this was the previous week…

Initial Jobless Claims Disappoint Again As Pennsylvania
Pukes Again 3

Continuing claims improved, falling to 3.39mm – the lowest since pre-COVID…

Initial Jobless Claims Disappoint Again As Pennsylvania
Pukes Again 4

Source: Bloomberg

Overall, 14.845 million Americans remain on some form of government dole…

Initial Jobless Claims Disappoint Again As Pennsylvania
Pukes Again 5

Basically unchanged from the previous week…

Initial Jobless Claims Disappoint Again As Pennsylvania
Pukes Again 6

Source: Bloomberg

With over 9.2 million job openings out there,

Initial Jobless Claims Disappoint Again As Pennsylvania
Pukes Again 7

Source: Bloomberg

As more and more states end the handouts, will Americans who have grown accustomed for being paid to do nothing be willing to take a job?

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Pennsylvania
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