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Jobless Claims: Better, But Not Good

We all see the headline numbers, but if not, here's a snap:

Seasonally adjusted initial claims down 16k vs. prior week and 4wk MA down 6k vs last week.  Not bad (in other words, its not really bad).  But then:

Look at how high EUC and extended benefits are versus last year.  This is good?  Ummm, getting better?  Versus prior week, things are better.  How many of these folks are just running out of benefits.  Don't forget, folks just falling off the rolls is not better, it is worse - it just makes the numbers look better.

Have a great day.

Disclosure: no position - literally