Re the US jobless claims numbers: -The absolute numbers remain horrible/worrisome: 3 million new claims in a week, 7-week total of 33 mm, and 23 mm in continuous claims. -The rate of labor force dislocation is moderating. Re implications: -The (urgent and important) policy needs to continue to include the horrible absolute numbers and the continuing deterioration (first derivative). -Markets are embracing the positive second derivative. Key questions: -When does the aggregate number stabilize? -How quickly do the unemployed get jobs? -How many drop out of the labor force? -What happens to hourly earnings? #earnings #joblessclaims #jobs #unemployment #employment #wages …see more