Jobless Claims Rise As Layoffs Soar At Fastest Pace (UP 410% MoM) Since Lehman Collapse (UP 427% On YoY Basis)

I am waiting for tomorrow’s employment report to see if the Biden Administration plays it straight or give another padded report like first half 2022. But in the meantime, according to Challenger Gray & Christmas, U.S.-based employers announced 77,770 job cuts in February. It is 410% higher than the 15,245 cuts announced in the same month last year.

So far this year, employers announced plans to cut 180,713 jobs, up 427% from the 34,309 cuts announced in the first two months of 2022. It is the highest January-February total since 2009…

I wonder if the answer to tomorrow’s employment report lies in one of the nine boxes of Biden’s documents taken from a Boston office?

I am waiting for tomorrow’s employment report to see if the Biden Administration plays it straight or give another padded report like first half 2022

Is 1 million of over reporting of employment for Q1 & Q2 in an election year padding?

I have written it before and I will write it again. Government should not be in the business of compiling and reporting economic indicators. Government has a role in oversight and making regular (‘regulate’ using the original meaning in the Commerce Clause) of capital markets. Exchanges, private industry and educational institutions provide many more stats than government, and they are much more reliable since there is little benefit to being intentionally wrong in the long term.

Large investors and the aggregate of many small investors that rely on private entity economic indicators, particularly those for a fee, will not continue to use erroneous sources. They will be driven out of business. A competitive market which allow ease of entry and exit will fill the void. Government has long been in the wrong business of creating barriers to entry and exit. It’s called crony capitalism, where the government protects the highest political contributors that are already in business, thus stifling innovation and competition.

Government can play its role as a check and balance. Don’t rely on any single entity for facts, particularly government. Common sense dictates this. Why would you believe in anything produced by government employees? By and large they have no private sector experience. They are the people who couldn’t get better paying jobs in the private sector because they lack the intelligence and work ethic to operate in the highly competitive financial arena. They are rejects that are only worthy of saying, ‘do you want fries with that.’

Perhaps this is the reason we are stuck with flawed economic indicators that are relics of Keynesian economics. Poorly educated, low IQ’s government employees push a lot of this crap that simply doesn’t work because they just don’t know any better.

The number of Americans filing unemployment benefits jumped by 21,000 from the previous week to 211,000 on the week ending March 4th, the most since December 2022 and well above market expectations of 195,000. The latest value was the first upside surprise in one month, diverging from a series of labor data that underscored a stubbornly tight job market and hinting that labor conditions could start to soften. The four-week moving average, which removes week-to-week volatility, rose by 4,000 to 197,000. On a non-seasonally adjusted basis, claims rose by 35,357 to 237,513 with notable increases in North Carolina (+16,364) and California (+10,489).

Prepper ping - (Economy) - The US economy is shifting, with major lay-offs occurring in February
Hint: It doesn't look good

Kaiser8408a : "10-1 tomorrow's report is bad but padded to dimish the negative impact."

(From the article):" I am waiting for tomorrow’s employment report to see if the Biden Administration plays it straight
or give another padded report like first half 2022.
But in the meantime, according to Challenger Gray & Christmas, U.S.-based employers announced 77,770 job cuts in February.
It is 410% higher than the 15,245 cuts announced in the same month last year." (Emphasis Mine)

"February’s total is the highest for the month since 2009… "
So far this year, employers announced plans to cut 180,713 jobs, up 427% from the 34,309 cuts announced in the first two months of 2022.
It is the highest January-February total since 2009…"

"While many of the job cuts is coming in the tech sector, we are seeing more industries reporting a rise in unemployment claims."

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