Posted on 04/13/2023 8:52:52 AM PDT by Red Badger
The number of Americans filing new claims for unemployment benefits increased more than expected last week, further evidence that labor market conditions were easing as higher borrowing costs dampen demand in the economy.
The slowing momentum in the economy was underscored by other data from the Labor Department on Thursday showing producer prices unexpectedly falling in March, with underlying producer inflation subsiding.
Still, the labor market and inflation are not cooling fast enough to stop the Federal Reserve from raising interest rates one more time next month.
“Fed officials couldn’t ask for better data today as the economy looks like it is running out of gas finally after a year of rate hikes,” said Christopher Rupkey, chief economist at FWDBONDS in New York. “Fed officials thought the economy might slow after the banking crisis and now it appears that the slowdown is happening.”
Initial claims for state unemployment benefits rose 11,000 to a seasonally adjusted 239,000 for the week ended April 8.
Economists polled by Reuters had forecast 232,000 claims for the latest week.
It was the highest since January 2022 when 251,000 people filed for unemployment benefits.
(Excerpt) Read more at nypost.com ...
“The jobs market is strong!”
Inflation down, unemployment numbers up, smells like recession.
Our economic problems have been caused purely through government policies. This is not a business cycle induced problem. Lazy ass government employees do not pay the consequences. Cut government spending and send lazy ass government employees to the unemployment line. They are the true enemy of America.
The nail and weave salon businesses are booming in DC
https://babylonbee.com/news/after-massive-disney-layoffs-snow-white-down-to-just-3-dwarfs
https://www.theverge.com/2023/3/27/23658429/disney-layoffs-first-round-7000
and we pay folks NOT to work.
What could possibly go wrong?
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