Plateau

We have been tracking new weekly claims for unemployment insurance data as an indicator of the direction of the labor market. California data for the week ending March 13 show a very slight increase, essentially no change. National data show a larger increase. Perhaps we will see some sign of the reopening next week, but it ain't here yet. What California needs to do is vaccinate as many folks as possible. The state should not be lagging in distributing the supplies it is getting from the federal authorities. Worry about the hesitant folks later. Many of them will change their minds as they see others get innoculated. Get the vaccine into as many arms as possible since each vaccinated person diminishes the risk for those who are not vaccinated. Then, after the willing and able are vaccinated, worry about those who are hesitant. Employers who want to reopen and avoid outbreaks will be favoring job applicants who are vaccinated or are willing to be vaccinated.