Individuals filing for unemployment benefits for the first-time last week remained somewhat stable at 742k. Continuing Claims, or those that continue to receive benefits, improved by 430k to 6.4M. This number has been improving in the past few weeks, but we have to remember that when regular benefits expire, you can file for PEUC (Pandemic Emergency Unemployment Compensation), which extends their benefits another 13 weeks. That figure increased 233k, so the drop in continuing claims is not as good as the headline would lead you to believe. With the recent shutdown announcements from many states, the Claims picture may start to get worse.