The latest data on new weekly claims for unemployment insurance are out through the week ended August 22. At the national level there was a slight drop (by current standards in which what would be huge changes are small). On a seasonally-adjusted basis, new weekly claims have been floating around one million during the past few weeks. Without seasonal adjustment, the numbers are a little lower but are telling the same story.
Above is a chart on new weekly claims I have pulled together just for California, a state which continues to have a disproportionate share of those on the unemployment insurance rolls (over a fifth for the week ending August 15). Undoubtedly, the third quarter - nationally and in California - will look better than the second. It will be a positive number rather than a negative. But whether it will be a true V-shaped snapback remains uncertain.
The latest news release on new claims is (always) at:
https://www.dol.gov/ui/data.pdf
Data at the state level back to 1987 can be obtained at:
https://oui.doleta.gov/unemploy/claims.asp
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