SFY - Jobless Claims Still Point To Over 20000000 Lost Jobs In April 15%+ Unemployment Rate
Jobless claims still point to over 20,000,000 lost jobs in April, 15%+ unemployment rate
As I've written in the past few weeks, the number of initial jobless claims correlates roughly with the number of net new jobs added or subtracted in any given month. Normally there is too much noise for it to be of much value, but with the huge spike in the past month, the signal will come through much more strongly.
Here's what the crude correlation looks like between initial claims (blue, weekly) and jobs (red, monthly), in the past year through