How bad is it? Bad, really bad - Part 6

New weekly claims for unemployment insurance for the nation as a whole on a seasonally-adjusted basis last week were 6.6 million. The prior week, the figure (now revised upward) was 6.9 million. The corresponding figures without seasonal adjustment were 6.2 million last week and 6 million the week before. All of these numbers are "off the chart" - or at least, as the chart above shows - were not meant to fit on the chart.

For California, the figures without seasonal adjustment were 925,450 last week and 1.1 million (revised) the week before.

The latest new claims release is at:
https://www.dol.gov/ui/data.pdf.

All of these figures are suggestive of the economic damage that is being inflicted by the coronavirus crisis which will reflect itself in state tax revenue, the state budget, and the UC budget. We will have some additional data tomorrow when the state controller provides data on state cash flow for March. March, of course, was just the beginning of recent economic events.