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Friday, April 10, 2020 2:12:07 PM EDT

Initial Claims Updated 09-Apr-20 05:26PM ET

It was another dismal initial claims report, with 6.606 million jobless claims filed for the week ending April 4 ( consensus 5.000 million), bringing the three-week total to 16,780,000 after revisions.

Continuing claims for the week ending March 28 hit a record high 7.455 million.

The four-week moving average for initial claims increased by 1,598,750 to 4,265,500.

The four-week moving average for continuing claims increased by 1,439,000 to 3,500,00.

On an unadjusted basis, initial claims were highest in the states of California (925,450), Georgia (388,175), Michigan (384,844), New York (345,246), and Texas (313,832).

The key takeaway from the jobless claims data is that the number of filings is simply astounding and a true sign of the vast impact of the sudden economic stop. Unfortunately, it likely still doesn't capture the fullness of the impact as it's reasonable to assume that the system for filing claims is overwhelmed and not facilitating every effort to file for jobless benefits.
Apr 4Mar 28Mar 21Mar 14Mar 7
Initial Claims6606K6867K3307K282K211K
4-Wk Moving Avg4266K2667K1004K233K216K
Continued Benefits7455K3059K1784K1702K
4-Wk Moving Avg3500K2061K1726K1703K