America's Jobless Claims Data Refuse To Confirm V-Shaped Recovery Narrative
That brings the fourteen-week total to 47.25 million, dramatically more than at any period in American history. However, as the chart above shows, the second derivative has turned the corner (even though the 1.48 million rise this last week is still higher than any other week in history outside of the pandemic)
California and Maryland were the worst states for jobless claims in the prior week with Oklahoma and Kentucky showing the biggest improvement...
And as we noted previously, what is most disturbing is that in the last fourteen weeks, more than twice as many Americans have filed for unemployment than jobs gained during the last decade since the end of the Great Recession... (22.13 million gained in a decade, 47.25 million lost in 14 weeks)