MGA’s Alex Brill on CNBC’s Squawk Box
With the US weekly job claims now near 26 million, Brill joins CNBC’s Squawk Box to share what he thinks the job report will look like at the end of the month.
“We want the program to work and I think that sadly what we’re seeing is that the program is working quite well. And I say sadly because we are seeing tens of millions of people process through that system and we’re going to continue to see that I think for the next few weeks as the backlogs in certain states get worked through … and the other key statistic to watch in this data set is the continuing claims number and the insured rate. I think last week that the percentage of the workforce that was claiming benefits was around 8% and I think now, I don’t have the release in front of me, but I think my mental math tells me it’s over 10% and that’s something we have never seen before, too, and I think it’s going to be an indicator of what we are going to see at the end of the month when we see the jobs report.”