Steve Liesman on the jobless claims data this morning now totaling Steve what 22 million over the last month yeah really shocking good task in the words of one economist and really the data is is unprecedented across the board manufacturing data we got this morning housing data and of course those jobless claims number let me show you the three data reports we had today.
Jobless claims 5.2 million totaling now 22 million we’ll show you that in just a second worse than expectations Philly Fed – 56 the worst since the 80s housing starts down twenty two point three percent we haven’t seen a number like that since nineteen eighty three now let’s look at the last four weeks of jobless claims and what you see there’s he had that and this shall blip up to eighty two and then it really started a skyrocket it really quite unbelievable numbers totaling twenty-two plus million.
In the last several weeks here now these claims numbers are interesting in the sense that on the one hand they show where these who’s been hardest hit and how much but also the ability of states to process claims you can see that when you look at the state detailed data California has done looks like the best job are among the best jobs of the big states in processing or at least taking in the claims and they went down they were up by a near about a million.
In the last week now they’re down to 660 New York we know has lagged behind so they’re up now 396 and you can expect New York has a lot of catch up to do Georgia also has been either hard-hit or done a fabulous job processing claims we just don’t know the difference but they’re down now after really being among the best states in terms of claim processing Texas is down we don’t know what’s going on there Pennsylvania also has done a very good job there down as well some of the commentary we received panthéon macroeconomics saying it’s grotesque but the peak of claims they say has passed Oxford Economics writing the labor market has entered a traumatic period Sarah I’m seeing estimates that these kinds of claims numbers when you put them all together and try to figure out what the unemployment rate B is going to be north of 20%.
And now there’s a race can we get the economy back open keep people healthy as well as keep these claims numbers from becoming temporary layoffs keep them from becoming permanent layoffs Sarah yeah bring bring those jobs back quickly a Steve how do we make sense of these numbers with the rollout of the the PPP the government relief plan that the small business payment protection plan and and all the other measures that are intended to keep workers still on the payroll.
Well I mean I think you can say that at least initially it hasn’t had its intended effect in that these numbers that the claims are very high right now it may be that some employers kept from laying off workers in anticipation of these loans we know that they the the Treasury and the SBA I’ve done a very good job in taking in applications we believe that all the money now is spoken for however it’s not dispersed and you would expect that that companies would not bring people back until they have the money in hand.
So hopefully these people are gonna work prospective Lee keep additional layoffs from happening keep people from going from unemployment claims bringing them back into the employed ranks but there’s still a time that has to play out here and this money has to get dispersed from the banks there are still some issues there that we’ve been reporting Plus clearly it’s not enough and there’s discussion about expanding the PPP program and we’ll see over time if these programs can keep down the unemployment rate it hasn’t worked so far you.
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