iM-Weekly Employment Monitor, 12/4/2020

iM-Weekly Unemployment Monitor

The 11/19/2020 DOL Unemployment Insurance indicates a continued improvement in the insured employment situation even though the initial claims remain high, but seemingly trending towards the long-term average.

The 12/4/2020 BLS Employment Situation Report indicates a stalled recovery from the Covid recession, contradicting the apparent improvement that the 12/3/2020 weekly DOL Unemployment Insurance Report seems to indicate.

The non-seasonal adjusted initial claims totaled 713,824 in the week ending November 28, a decrease of 122,453 from the previous week. This makes up 0.48% of the Covered Employment. The 50 year long term average (January 1971 to today) is 0.38% and the average of the last business cycle (July 2009 to March 2020) is 0.24%

The non-seasonal adjusted continuous insured unemployment totaled 5,240,575, a decrease of 690,170 from the preceding week.. However, we need to note the monthly BLS Employment Situation Report does not reflect the continued decrease (past three months) of the continuous employed, this decrease is now mainly attributable to exhausted benefits.

Also, total number of people claiming benefits in all programs for the week ending November 14 was 20,163,477, a decrease of 349,633 from the previous week.

Please refer The iM-Weekly Unemployment Monitor