The numbers are in for Initial Jobless Claims … and, as anticipated, they aren’t pretty. Initial Jobless Claims showed that 6.6 million individuals filed for unemployment benefits for the first-time in the latest week. This was much higher than most estimates and almost double the previous report.
And these numbers will continue to climb, as New York only reported 366,000 claims and California only 878,000 in this report. These figures are obviously very low for those respective states and leads us to believe that many people have not filed yet in those areas but will.