Well considering 300K 4WMA initial claims less than 83% of every data point in this time series, I would say that the “squalor” is pretty good...
I have (had) a math background, but find interpreting economic statistics quite confusing, to say the least… Given your interpretation of the data & trends, from direct experience we’re not at some “happy place” at this point, which is always the undercurrent Media theme whenever these announcements come out.
Thankfully, I was close enough to retirement after recent dismissal from a position of 30+ years to qualify for SSD, and after over a year post-graduate school my daughter is finally getting feelers RE her chosen profession — for one thing, to help in defraying the artificially high tuition loans in place. I suppose every family has their own horror stories related to the current economy, to one extent or another.