from Wolf Street
Continued unemployment claims jumped by 2.2 million to 29.2 million, worst since Aug 1, as claims by gig workers under federal PUA program soar. State plus federal initial claims jumped to 1.59 million “not seasonally adjusted.” 18.3% of labor force on unemployment insurance.
Powered by a nasty jump in continued unemployment claims under the federal Pandemic Unemployment Assistance (PUA) program for contract workers, established under the CARES Act, total continued claims under all state and federal programs jumped by 2.2 million, “not seasonally adjusted,” to 29.2 million people on unemployment rolls, the highest since August 1, according to the Department of Labor this morning.