The total for all sectors that lost employment is -52K for one month.
Still a heck of a lot different than 350K per week in new claims.
What am I missing?
What you are missing is the 350k claims are all part of the “churn”. As I mentioned, tens of thousands of people are hired and fired every day. Simplistically if you had this scenario:
Hired: 400,000
Fired: 350,000
Net: +50,000
The Initial Claims are the +350k and the NFP would be +50K. It’s not as simple as that because the data for each comes from different sources and survey’s but the concept is accurate.