By Robert Hughes
Initial claims for regular state unemployment insurance totaled 860,000 for the week ending September 12, down 33,000 from the previous week's upwardly revised tally of 893,000 (see first chart). The latest week is the lowest level since the implementation of lockdowns in March. However, they also mark the 26th week of historically massive claims and the third consecutive week above 800,000. Prior to the lockdowns, initial claims were running around 230,000 (see first chart).
The number of initial claims surged in the initial phase of government lockdowns, hitting almost 7 million for