It's Jobless Thursday

We can see the benefit shutdowns kicking in

And the roller coaster heads back up, with initial jobless claims rose by 51,000 to 419,000, though continuing claims of all sorts have fallen as cruelty fetishing governors shut down extended benefits:

The number of Americans receiving jobless payments fell this month to the lowest level since early in the coronavirus pandemic, but first-time applications rose as supply constraints persist in the auto industry.

Continuing payments made through all unemployment benefit programs fell by 1.3 million in the week ended July 3, to 12.6 million, the Labor Department said Thursday. That was the lowest level since late March 2020, when new programs responding to the pandemic first came online.

In recent weeks about half of states have acted to end enhanced and extended unemployment benefits. The end of pandemic programs in Texas drove the latest decrease.

Note that this is billions of dollars that have been pulled out of the economy, which under whatever model you are using has a deflationary impact.

………

Meanwhile, initial jobless claims, a proxy for new layoffs, rose by 51,000 to a seasonally adjusted 419,000 for the week ended July 17, the Labor Department said Thursday. The increase returned the new claims near to levels recorded in early June. The four-week moving average, which smooths out volatility in the weekly figures, increased by 750 to 385,250.

I am inclined to believe that a 12% jump in initial claims might have been influenced by all of the Sado-Republicans taking money out the pockets of people most likely to spend that money.