Why jobless-claims data give little insight into America’s economy
The covid-19 crisis is highlighting the limits of unemployment-insurance figures
IN THE PAST year pundits have closely tracked America’s “jobless claims” data, published every Thursday by the Department of Labour to show how many people are newly claiming unemployment insurance (UI). These data once provided invaluable insights: in 1995 Alan Greenspan, then chair of the Federal Reserve, personally intervened to ensure that they continued to be produced during a government shutdown. Yet in the current crisis more people are starting to realise their limitations.
This article appeared in the United States section of the print edition under the headline “Wild claims”
United States March 27th 2021
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