The numbers: The number of Americans who lost their jobs and applied for unemployment benefits in mid-October slid by 55,000 to a new pandemic low of 787,000, but the decline stemmed in part from fewer new claims in California after a temporary applications freeze.
What makes the latest report harder to decipher was the inclusion again of new jobless claims from California after two-week pause. The state stopped accepting applications temporarily to work down a large backload, update its computer systems, and install new fraud-detection measures. The state’s numbers had been frozen at 226,179 in the U.S. Labor Department’s national summary while it worked to improve its unemployment-compensation system.
The decline isn’t as good as it looks, though. A large number of people no longer getting paid state benefits have been shifted into a federal program that offers extended compensation. Federal continuing claims have almost tripled since August to 3.3 million. Big picture: The number of people applying for benefits each week had been stuck until last week in the 800,000s for two months, suggesting that either more layoffs are taking place, the rate of hiring has slowed or both.
Still believe trumptraitor numbers? FFS!
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