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Does anyone have a good understanding of what "first time jobless claims" mean relative to overall unemployment?
If 500k folks file an initial claim each week, 52 weeks in a year, that makes 26 million claims - so even assuming these folks get a job in the next few months, this still seems to say that folks are losing jobs at a rate of 26 million per year - and that is 1 in 5 or so of the labor force. I had no idea turnover was that high.
http://www.bloomberg.com/apps/news?p...Er4&refer=home
If 500k folks file an initial claim each week, 52 weeks in a year, that makes 26 million claims - so even assuming these folks get a job in the next few months, this still seems to say that folks are losing jobs at a rate of 26 million per year - and that is 1 in 5 or so of the labor force. I had no idea turnover was that high.
http://www.bloomberg.com/apps/news?p...Er4&refer=home