Nothing To Do, Nowhere To Go 0
The official numbers are in, subject to (no doubt, upward) revision at a later date:
These initial claims totaled 669,000, a level that is up 72% from the same period in the prior year. The four-week average of these initial claims increased 6,500 to stand at 656,750 — also the highest level since October 1982.
The four-week average is considered a better gauge of labor market conditions than the volatile weekly figures because it smoothes out one-time distortions caused by holidays, bad weather or strikes.
