Thread by @bencasselman

Big spike in unemployment claims last week: 1.2 million people filed for unemployment benefits (regular state programs, not seasonally adjusted). Another 284k filed for Pandemic Unemployment Assistance.
nytimes.com/live/2021/01/1…

Important to note that the big jump may reflect a bounceback after the holidays, when filings are often depressed. But this level is extraordinarily high by any measure.

Seasonally adjusted claims also jumped, to just under 1 million.

This is the first time that state claims (not seasonally adjusted) have been over 1 million since July. (And the highest seasonally adjusted claims since they changed the adjustment methodology in August.)

Pandemic Unemployment Assistance jumped too, but it looks like a rebound from a very low number (comparatively speaking) in the first week of January.

4 million Americans were receiving extended PEUC benefits the week of Christmas, when those benefits were set to expire. PUA continuing claims were at 7.4 million that week, although that number is probably inflated.
Congress extended both programs at the last minute.

I've been watching the Daily Treasury Statements for signs that the $300 unemployment supplement is hitting bank accounts. Still early, but looks like we may be starting to see it roll out. Consistent with what I'm hearing at the state level.