Months before the downturn in Initial Jobless Claims we warned that a downturn would occur but it would not reflect an improving jobs picture. It would be the exhaustion of [initial] benefits.
The Exhaustion Rate of unemployment benefits as of November 30, 2009 is 53.78%, another new high.
Exhaustion Rate of unemployment benefits – hits another new high
For the week ended 12/19 10.42 million Americans are receiving unemployment benefits. 5.44m in ‘extended claims’ (week ended 12.19); and 4.981m of ‘continuing claims’.
But NSA jobless claims show a far different story. The BLS: UNADJUSTED DATA
The advance number of actual initial claims under state programs, unadjusted, totaled 645,571 in the week ending Jan. 2, an increase of 88,000 from the previous week. There were 731,958 initial claims in the comparable week in 2009…The advance unadjusted number for persons claiming UI benefits in state programs totaled 5,479,110, an increase of 388,729 from the preceding week. A year earlier, the rate was 4.0 percent and the volume was 5,317,388.
So the actual, the real benefits paid (Initial, Continuing and EUC claims) hit another record of 11.268m.