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Thursday, April 30, 2020

How bad is it? Bad, really bad - Part 12

Another big jump in new claims for unemployment insurance as a result of the coronavirus crisis. Seasonally adjusted, the jump was 3.8 million. Without seasonal adjustment, the figure was 3.5 million of which 328,042 came from California. We won't call these jumps "off-the-chart" anymore, since we evidently have set a new marker for the chart. The latest news release for new claims is at:
https://www.dol.gov/ui/data.pdf

Obviously, all of this is bad news for general economic conditions and therefore the state budget (and UC budget).

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