US employment is WORSENING

Current wisdom is that the US employment situation is improving with initial and continuing unemployment claims dropping. However...

A quirk of the US is that continuing claims are time limited (26 weeks I think), so that individuals drop of the register when their time is up. This is leading to a 'fall' in continuing claims which has economists predicting recovery.

So what is happening to those who's benefits run out... they transfer to Emergency Unemployment Compensation which just rose 43% in one month! The combined total of continuing claims and EUC just reached a new high. See below:

This has profound implications for the US and global recovery....