Payne's Perspective: June 29, 2020: The Greatest Love
The Initial Jobless Claims saw 12 straight weeks of decline, and the rate of decline was very alarming. The same could be said for continuing jobless claims, which finally dipped under 20 million.
Initial Jobless Claims
Continuing Jobless Claims
Not only was the news less than what I had hoped for, but even more yellow flags and potential dilemmas popped up as I looked into the data.
It takes a little longer for the government to nuance the data, but we learned in the week of June 6th that people claiming unemployment benefits and using Pandemic Unemployment Assistance (PUA) climbed by more than one million.
If this trend persists, it’s going to place a ton of pressure on lawmakers to get a greater sense of urgency to address the expiration of additional unemployment. The debate over whether there should continue to be a $600 addition to state maximums is legitimate, as it has stopped a lot of folks from looking for work. By the same token, there are twenty million Americans that still need help.
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