Posted on 05/18/2023 8:13:40 AM PDT by Oldeconomybuyer
The number of Americans filing for unemployment benefits last week fell by the most since 2021 after fraudulent claims in Massachusetts boosted the data in previous weeks.
Figures released Thursday by the Labor Department show initial claims for the week ended May 13 decreased by 22,000 to 242,000, well above the 2019 pre-pandemic average of 218,000 claims.
Some economists have warned that it's difficult to get a clear picture of what's happening in the labor market after Massachusetts state officials acknowledged they are "experiencing an increase in fraudulent claim activities" involving unemployment benefits.
"To try and measure the true signal from initial jobless claims, we construct an initial jobless claims series that excludes Massachusetts," Bank of America economists said in a note. "Initial jobless claims still trended higher in recent weeks. However, the rate of increases has been more modest."
Layoffs are on the rise and job openings are declining. Although hiring rose faster than expected in April, jobless claims are also steadily ticking higher. Economists widely expect unemployment to climb higher as a result of steeper interest rates, which could force consumers and businesses to pull back on spending.
(Excerpt) Read more at foxbusiness.com ...
“experiencing an increase in fraudulent claim activities”
Do they think that Massachusetts is the only state with fraudulent activity?
If I want accurate information, I look to either Ukraine or Russia.
I put Red China and North Korea ahead of anything coming out of Jean-Pierre’s big, lying mouth.
Lying and inaccuracies, are normal ways for democrats and their respective areas where they rule.
No credibility whatsoever.
We are not turning into Russia or China or N. Korea. Those countries learned how to be like us, from us, when our ‘progressive’ party was really the inspiration for the socialists and communists in other parts of the globe.
How can the American people have any faith in any of these numbers?
You can see how civilizations fall, absolute corruption.
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