The numbers: U.S. initial jobless claims rose 37,000 to 412,000 in the week ended June 12. This is the highest level in a month.
The number of people already collecting state jobless benefits, meanwhile, rose by a slight 1,000 to a seasonally adjusted 3.52 million in the week ended June 5. These are known as continuing claims. This is also the lowest level since the onset of the pandemic early last year. Another 118,025 applications for jobless benefits were filed last week through a temporary federal relief program, up a sharp 46,722 from the prior week. These claims had peaked last year at well over 1 million a week.
And it’s gonna get worse with 2008 2.0
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