Author Topic: Weekly jobless claims rise by 27,000  (Read 265 times)

0 Members and 1 Guest are viewing this topic.

Online mystery-ak

  • Owner
  • Administrator
  • ******
  • Posts: 381,871
  • Gender: Female
  • Let's Go Brandon!
Weekly jobless claims rise by 27,000
« on: June 09, 2022, 02:06:41 pm »
 Weekly jobless claims rise by 27,000
by Sylvan Lane - 06/09/22 9:02 AM ET

New jobless claims jumped higher during the first week of June, according to data released Thursday by the Labor Department.

In the week ending June 4, initial applications for unemployment insurance totaled 229,000, a gain of 27,000 from the previous week’s revised total of 202,000 claims. The U.S. has seen an average of 215,000 claims per week over the past four months, rising from an average of 207,000 claims in May.

Jobless claims have remained low for most of 2022 as employers struggle to fill a record number of open jobs from a workforce still smaller than it was before the onset of the coronavirus pandemic in March 2020. With roughly two open jobs for every unemployed worker, businesses have avoided laying off employees already on payroll and have seen a steady stream of consumer spending to keep business relatively strong.

New jobless claims data is often volatile and subject to steep revisions, so last week’s jump in claims will not likely trigger alarms among economists. Even so, policymakers are carefully watching the labor market for signs of a slowdown as the Federal Reserve ramps up its fight against inflation.

As the Fed raises interest rates, borrowing costs throughout the economy increase and spending by consumers and businesses tends to slow. Businesses often slow the pace of hiring or reduce the size of their staff during Fed rate hike cycles as their profit margins narrow and sales decline.

The Fed is hoping to slow the economy enough to curb inflation and bring price and wage growth down to more sustainable paces. Job openings are likely to fall off as rates get higher, and jobless claims may linger at higher levels as companies adapt to higher rates.

But many economists fear that a combination of supply chain issues and a record-hot U.S. economy could force inflation too high for the Fed to bring down without causing a deep economic downturn.

Developing

https://thehill.com/policy/finance/3517145-jobless-claims-rise-by-27000/
Proud Supporter of Tunnel to Towers
Support the USO
Democrat Party...the Party of Infanticide

“Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.”
-Matthew 6:34

Online mystery-ak

  • Owner
  • Administrator
  • ******
  • Posts: 381,871
  • Gender: Female
  • Let's Go Brandon!
Re: Weekly jobless claims rise by 27,000
« Reply #1 on: June 09, 2022, 05:09:52 pm »
Published 43 mins ago
Jobless claims unexpectedly rose to highest level since January last week
More Americans filed for unemployment benefits than expected last week

    By Megan Henney FOXBusiness

The number of Americans filing for unemployment benefits unexpectedly jumped last week, spiking to the highest level since mid-January in a sign the hot labor market could be starting to cool.

Figures released Thursday by the Labor Department show that applications for the week ended June 4 rose to 229,000 from an upwardly revised 202,000 a week earlier, missing the 210,000 forecast by Refinitiv analysts. It marked the biggest one-week increase since last July. The four-week average of new claims, which smooths volatility in the weekly figures, also increased slightly to 215,000 last week.

Continuing claims, or the number of Americans who are consecutively receiving unemployment aid, held steady at 1.3 million – the lowest point since December 1969. By comparison, just a little over one year ago, more than 15.38 million Americans were receiving benefits.

"The labor market is cooling a bit after running extremely hot into early 2022," said Bill Adams, chief economist at Comerica Bank. "Initial claims for unemployment insurance are still extremely low, but they are up by 63,000 from their March level, which was the lowest in over half a century. Job postings have also pulled back somewhat, another sign that the job market is getting less red hot."

more
https://www.foxbusiness.com/economy/jobless-claims-unexpectedly-rose-highest-level-since-january-last-week
Proud Supporter of Tunnel to Towers
Support the USO
Democrat Party...the Party of Infanticide

“Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.”
-Matthew 6:34

Offline Kamaji

  • Hero Member
  • *****
  • Posts: 57,889
Re: Weekly jobless claims rise by 27,000
« Reply #2 on: June 09, 2022, 05:58:55 pm »
"Unexpectedly" - there's that word again.

Offline GtHawk

  • Hero Member
  • *****
  • Posts: 18,641
  • Gender: Male
  • I don't believe in Trump anymore, he's an illusion
Re: Weekly jobless claims rise by 27,000
« Reply #3 on: June 09, 2022, 11:31:38 pm »
Continuing claims, or the number of Americans who are consecutively receiving unemployment aid, held steady at 1.3 million – the lowest point since December 1969. By comparison, just a little over one year ago, more than 15.38 million Americans were receiving benefits.

Funny how they never include how many people fell off the unemployment roll because they ran out of benefits but still hadn't found a job, or people forced to take SS early because no one will hire them. And this bullsquat of comparing to a year ago when America was locked down. What a bunch malarkey from a dishonest 'journalist' trying hard to prop up a completely failed dementia patient.