The U.S. Labor Department announced on Thursday that 6.6M more Americans filed for unemployment, bringing the total growth to 10M over the last two weeks. If that wasn’t bad enough, the number was more than double what the analyst expected: 3.1M. The good news? You’re not alone, no one has any f*cking clue what’s going on.
On an adjusted basis, which many consider more relevant, since seasonal adjustments don’t really apply in the age of coronavirus, the number of new filings sits at 5.8M. Oh, so not THAT bad. No, that’s still pretty bad. The moving average clocked in at 2.045M, the worst since January 14th, 2017.
