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Unemployment Insurance Claims Top 6 Million

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First, thanks to Calculated Risk, here’s what this look like when put into historical context…

Whenever I see a graph like that it makes me cringe, but what goes up must come down eventually.

Now, the details

The advance number for seasonally adjusted insured unemployment during the week ending April 4 was 6,022,000, an increase of 172,000 from the preceding week’s revised level of 5,850,000. The 4-week moving average was 5,796,000, an increase of 146,000 from the preceding week’s revised average of 5,650,000.

Which states are getting hit hardest?

The highest insured unemployment rates in the week ending March 28 were in Michigan (8.0 percent), Oregon (7.9), Rhode Island (7.1), Idaho (7.0), Wisconsin (7.0), Pennsylvania (6.7), Nevada (6.2), Alaska (6.0), Montana (6.0), and Vermont (5.9).

The largest increases in initial claims for the week ending April 4 were in Michigan (+5,408), Missouri (+4,986), Texas (+3,734), New Jersey (+2,368), and Pennsylvania (+2,194) […]

No doubt that list keeps going and going…

Still, some states are seeing relief…

[…] the largest decreases were in California (-4,708), Ohio (-2,716), Alabama (-2,421), Florida (-1,539), and Wisconsin (-1,078).

More as it develops…