Jobless claims rise again in another sign that labor market is cooling

CNBC ^ | July 21, 2022 | Jeff Cox

[ConservativeInPA]

KEY POINTS - Initial claims totaled 251,000 for the week ended July 16, up 7,000 from the week before and above the 240,000 Dow Jones estimate.

- That was the highest weekly level since mid-November.

- The Philadelphia Fed manufacturing index fell to a reading of -12.3, and produced the lowest employment reading since May 2021.

[ConservativeInPA]

This is two weeks in a row that jobless claims are up. I was expecting this to occur in Q4, but it seems to be starting 3 months early. I’m trying to determine if this will show itself as a decrease in inflation figures. But I heard the other day that about 50% of the national debt is financed using short-term debt. Part of that debt comes due each month and needs to be refinanced at higher rates. The increased interest payments will necessitate printing money. That I think will counter and decreased consumer demand due to unemployment. The pessimist in me is saying, continued inflation, increasing unemployment, accelerating negative GDP (contraction), and business failures in a death spiral. 31% of small businesses did not pay rent in June. A little over 50% of small businesses surveyed think they will shutter in 6 months.

[CatOwner]

Imagine all of this happening under Trump’s watch. Citizens would be lined up outside the White House perimeter to protest.

[ConservativeInPA]

Yep, with pitchforks and worse

[es345st]

Every “news” network is committed to spend every broadcast on the protect Biden and the rest of the rats effort. It is sad reality that a very large percentage of people get their info from these propagandists.

[Opinionated Blowhard]

Labor market cooling = recession. But its worse than that. Inflation shows no signs of cooling. We are going into a period 1970s style Stagflation.

[CFW]

People aren’t paying their cell-phone bill, etc, etc. All the signs are there, but the Krugmans of the nation are just enthralled with the “strong” economy. I think the recession will be short-—the depression is what is going to be long and painful.

[Obadiah]

Unexpected.

[exnavy]

There are help wanted sign everywhere around me. I saw yesterday, on a rural crossroad, no houses in sight, farm help wanted with a phone number. This is a workers paradise. In Michigan.

[Chode]

rising, in the summer... bad juju

[ConservativeInPA]

I bet not so much in Detroit.

[chajin]

A lot of “Christmas in July” sales, feels like much more than usual; retailers must have inventory that isn’t going out the door at inflated prices, and customers are torn between buying before prices go up, and saving money for when incomes go away.

[exnavy]

I live near Lake Michigan, cannot say for sure. Traveled to Novi in June, saw help wanted sign everywhere.

[poinq]

Inflation has nothing to do with too much money supply or low interest rates. Inflation is due to the United States and Russia cutting off oil. We have lots of it but its held off the market. Anything that depends on oil or natural gas to be made or get to market will cost more. Last March oil was negative. Now its over $100 per barrel. Our dollar is strong against all alternatives like, Yen, Euro, Gold, cryptos, real estate, stocks and bonds. Printing too many dollars is not causing inflation (this time) pumping too little oil is.

[econjack]

Jobless claims is only part of the bad news. You are only counted as unemployed if you are actively looking for work. Another measure is the labor force participation rate; the percentage of the population who are working or looking for work. Look what's happened:

A good measure of this decline is Covid related, but some measure is some people have stopped looking. Indeed, some chose unemployment comp over working.

[Garvin]

Summer jobs.

[TribalPrincess2U]

Suspicious acting radar on.

I’m 82. Seeing more ‘homeless looking types’ out. One on parking lot, looking at the ground, checking out cars. Clothes was that of a street person, looking calm as can be. Oh, carrying backpack, big water jug, and what looked at least a 5 ft in length and approx. 3 inches in dia., wooden staff like Christ carried but no hook, just rounded slightly. This might be for their protection.

I saw him in my mirror right behind my car, as I got in the car seat. I watched him for a while. Ambling thru. It’s damn scary out there. I feel the sense of vultures. I used to love going shopping. Biden/damncrats have taken one more thing from my life.

[ActresponsiblyinVA]

These “news” networks report the border is secure?

[ConservativeInPA]

Summer jobs.

Unemployment is up. Summer ain’t over. By the way, teen unemployment is way down compared to decades ago, so summer jobs don’t increase as much as in the past. They sit around playing video games.

[Starboard]

It is sad reality that a very large percentage of people get their info from these propagandists.

**************

The sheeple vastly outnumber the sensible and responsible people. And its only going to get worse.

[CFW]

Since I live in a rural area, I’ve been pretty trusting throughout the years. Even our one or two wino homeless were known people who actually had family in the county (who had become tired of their antics and no longer gave them a sofa to sleep on).

Lately, I’m paying a lot more attention to my surroundings and who it is walking down the roads. Especially since the urban county next door has opened up a homeless camp (paid for with our tax dollars). Once a city or county does that, it brings in nothing but trouble since word gets around that they can get a meal and a bed for the night when they want it. That just have to know how to play the game and say the right words.