Posted on 06/27/2024 11:22:47 AM PDT by lasereye
The number of continuing applications for unemployment benefits hit its highest level since November 2021 last week, furthering signs the labor market is cooling as unemployed workers struggle to find new jobs.
New data from the Department of Labor showed nearly 1.84 million claims were filed in the week ending June 22, up from 1.82 million the week prior. Meanwhile, the 4-week moving average of weekly jobless claims ticked higher by 3,000 to 236,000, the highest rate since September 2023.
LPL Financial chief economist Jeffrey Roach reasoned the data is "sending a warning sign that the labor market could be softening."
An increasing number of economists believe that the risks lean toward a painful outcome.
Oxford Economics lead US economist Nancy Vanden Houten cautioned on reading too far into claims data, which can be volatile from week to week, but noted that a further move higher in the trend of weekly jobless claims would undoubtedly be a point of concern.
"A persistent rise in initial claims would signal more weakness in the labor market and a larger rise in the unemployment rate than we currently expect and would add more support to our case for the Fed to start lowering rates in September," Vanden Houten wrote in a note on Thursday.
In his most recent press conference on June 12, Fed Chair Jerome Powell noted the labor market continues to normalize and, from the Fed's perspective, hasn't shown true signs of concern yet.
"We see gradual cooling — gradual moving toward better balance. We’re monitoring it carefully for signs of...something more than that, but we really don’t see that," Powell said.
But some economists argue the trends in the labor market aren't promising.
(Excerpt) Read more at finance.yahoo.com ...
Clearly this is Trump’s fault.
I’ve no doubt there will be some Nobel-prize-winning economists out on the Sunday Morning shows to explain to us how this is so.
“The economy is strong as hell”!!!
—Joe Biden
It may well be that Danielle DiMartino Booth is a nutcase. But she has been appearing on YouTube saying that, in her opinion, the country entered a recession last October, and the government has just been gaming the numbers and refusing to admit it.
THERE HAS NOT BEEN AN ACCURATE “JOBS” REPORT SINCE OBAMA STOLE THE WHITE HOUSE.
MAYBE THE ONE THAT IS JANET YELLEN’S HUSBAND???
TODAY: FR thread 4247038:
SINCE SEPT 28, 2022, the FEDERAL RESERVE HAS BEEN LOSING MONEY HAND OVER FIST.
NEVER HAPPENED PRIOR IN US HISTORY.
AS OF JUNE 19, 2024-—THEY ARE IN THE HOLE: $176 BILLION.
YELLEN IS IN CHARGE.
IF THIS IS NOT A WARNING OF A TOTAL DEPRESSION, I DO NOT KNOW WHAT IS.
I think this is Yahoo’s way of saying, “Please, Mr. Federal Reserve, don’t fight inflation too much. The market’s about to tank right before the election.”
QUIT YOUR YELLIN’
She’s doin’ the best she can.
Only the election of Trump will drive her from the financial temple.
Our company was started during the Great Depression…we’re on the brink of closing. I think the economy is far worse than we think. Total collapse is imminent.
Add this to yesterday’s report of inflation increasing, and you get
STAGFLATION!!!
That’s BIDENOMICS!
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