The weekly jobless claims are a gross mumber; not net. Meaning in a week where 2 million lose their job it is possible for 4 million to regain their job. In the best of economies, the weekly claims over four weeks shows a negative while the monthly jobs report shows a net gain.
Go back to Feb 2020. Every week about 215,000 filed for unemployment benefits. Over a month that is 860,000 but the monthly jobs report showed that the economy in Feb gained 273K job. HOW CAN IT BE? Well, I just explained how.
.@ADP’s report two days ago was ahead/better than of most economists. This will only help cement their place as a market mover every month when their report is released two days before the official jobs report.
