New claims for unemployment comp remain at alarmingly high levels:

Holding too steady at just under 20 million:

Last month I noted that the “reopenings” would be a June story, and that is what this report suggests. In addition, companies using PPP had to rehire employees to convert the loans to grants. Unfortunately, the surge in virus infections and related closures, will probably negatively impact the July report. In addition, we will probably start to see more PPP related layoffs.

Employment is up for the month but still down by over 15 million, and the date of record for the report was before reopening decisions were reversed:

About 18%:


These are people looking for full time work but can only get part time work. It’s still up by nearly 5 million people:

Up a bit this month but at depressed levels:

Up a bit but still way down from where they were pre covid, which wasn’t all that high in any case, has the tariffs were holding things back: