The DOL has released Unemployment weekly claims.
New claims jumped to 667,000. That's just unreal and the increase from last week is 36,000
The advance number for seasonally adjusted insured unemployment during the week ending Feb. 14 was 5,112,000, an increase of 114,000 from the preceding week's revised level of 4,998,000. The 4-week moving average was 4,932,250, an increase of 89,250 from the preceding week's revised average of 4,843,000.
We're bleeding jobs!
We are not hitting the worst rates since 1982 and if anyone recalls this was the time period when interest rates were put on 20% range to stop stagflation, which of course caused an immediate deep recession in the readjustment period.
So, next stop for the worst unemployment rates is the Great Depression, unless I am missing some trough data somewhere.