Ok, I'm trying to see if someone can help me understand the math here (or what I'm missing).
From FF calendar for the month of August, the following numbers were reported for number of individuals filing for unemployment insurance for the first time during the week.
Aug 6 - 550k
Aug 13 - 558k
Aug 20 - 576k
Aug 27 - 570k
Total of 4 = 2.25MILLION
Then we get the release on Sept 4 that Non-farm employment change was -216k. So how did we have 2.25 MILLION people file for unemployment this month, yet only 10% of them were still unemployed at the end of the month? Are they saying that 2 MILLION out of the 2.25 MILLION were either in farming industry (not counted in the -216) and/or got jobs before the end of the month?
I'd expect to see the change of number of employed people to be much larger negative number, so what is it that I'm not seeing here?
From FF calendar for the month of August, the following numbers were reported for number of individuals filing for unemployment insurance for the first time during the week.
Aug 6 - 550k
Aug 13 - 558k
Aug 20 - 576k
Aug 27 - 570k
Total of 4 = 2.25MILLION
Then we get the release on Sept 4 that Non-farm employment change was -216k. So how did we have 2.25 MILLION people file for unemployment this month, yet only 10% of them were still unemployed at the end of the month? Are they saying that 2 MILLION out of the 2.25 MILLION were either in farming industry (not counted in the -216) and/or got jobs before the end of the month?
I'd expect to see the change of number of employed people to be much larger negative number, so what is it that I'm not seeing here?