Almost 15 Million Americans Remain On Government Dole, Despite Initial Claims Drop

With more states ending their emergency handouts to the jobless, claims data is likely to start getting noisy but last week saw initial claims tumble more than expected (to a post-COVID low of 364k from 415k last week)

Source: Bloomberg

Pennsylvania remains an outlier among the states…

The total number of Americans of some form of government dole continues to hover just below 15 million…

Source: Bloomberg

Finally, a reminder of just how decoupled benefit-gobbling non-jobseekers have become from job openings in America…

Source: Bloomberg

As pandemic aid receivers barely budged…

The free-money non-workfest however is coming to an end soon.