Initial claims, which are unemployment eligibility filings, just ticked up to levels not seen since August:
While it’s uncertain whether this increase is an anomaly, it coincides with a jump in continuing claims:
Although the job market definitely won’t go back to where it was during the second quarter of 2020, this recent deterioration shows that the recovery won’t be a straight shot back to pre-pandemic levels. The question then becomes, how much more damage will be done before COVID-19 subsides to a level that brings us some degree of normalcy?
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