It's Jobless Thursday

Last week, initial unemployment claims fell to 444,000, down 34,000 from last week.

Once again, it's an improvement, but with the rush of the stupid states to roll back unemployment benefits, I expect the pace of improvement slow down in those states: 

The number of workers seeking and receiving unemployment benefits through state and federal programs has reached pandemic lows ahead of this summer, when 22 states plan to end a $300 federal benefit early.

Initial unemployment claims through regular state programs dropped to 444,000 last week, marking a new low level since the pandemic hit in mid-March 2020.

The number of people claiming benefits through state and pandemic-related programs also declined in the week ended May 1 to a pandemic low of 16 million people from 16.9 million a week earlier, the Labor Department said on Thursday. That includes benefits through one of several programs, including regular state aid and federal emergency programs put in place in response to the pandemic.

………

Though jobless claims are on a downward trend, April’s job gain of 266,000 fell far short of the one million economists had forecast, fueling concerns about the recovery. Republicans also are concerned that enhanced federal unemployment payments are discouraging people from seeking work.

The low job creation numbers are a fly in the ointment.

States have announced dates ranging from mid-June to mid-July for when they will stop processing pandemic-related benefits. That means nearly 3.7 million individuals could lose the $300 weekly benefits—which were set to expire in early September—beginning in mid-June, according to estimates by forecasting firm Oxford Economics.

Of those, about 1.45 million will also lose pandemic benefits for gig work, and about 1.31 million will no longer have access to extended benefits that kick in after claimants exhaust their regular state benefits.

This is the whole Brood X Cicada emergence in the ointment.

This recovery is driven by government spending, and because they fetishize being cruel, they are knocking the pins out from underneath the recovery.

Sadism as policy is never a good thing.