Total continued claims for unemployment insurance (UI) under all state and federal programs fell by 1.05 million, to 23.15 million people (not seasonally adjusted), the lowest since early May, according to the Department of Labor this morning. These 23.15 million continued claims of UI – marred by data chaos of backlogs, over-reporting, under-reporting, and fraud allegations surrounding the PUA claims – would constitute 14.4% of the civilian labor force of 160.8 million.
The UI claims data indicates that the labor market is churning wildly through people, with over a million people on UI getting hired every week, while over a million people are still losing their work every week and filing for UI. But slightly more people on UI are finding work again than people are losing their work and filing for UI. This massive churn shows the extent of the turmoil in the economy as companies try to deal with all the shifts and changes, where some companies hire hand-over-fist while other companies are shedding workers.Sorting through the Data Chaos in Unemployment Claims: Week 31 of U.S. Labor Market Collapse | Wolf Street