Posted on 08/01/2024 6:30:13 AM PDT by lasereye
The number of Americans filing new applications for unemployment benefits increased to an 11-month high last week, suggesting some softening in the labor market, though claims tend to be volatile around this time of the year.
Initial claims for state unemployment benefits increased 14,000 to a seasonally adjusted 249,000 for the week ended July 27, the highest level since August last year, the Labor Department said on Thursday. Economists polled by Reuters had forecast 236,000 claims for the latest week.
Claims have been on an upward trend since June, with part of the rise blamed on volatility related to temporary motor vehicle plant shutdowns for retooling and disruptions caused by Hurricane Beryl in Texas.
Though applications broke above the upper end of their 194,000-245,000 range for this year, layoffs remain generally low. Government data on Tuesday showed the layoffs rate in June was the lowest in more than two years. The slowdown in the labor market is being driven by low hiring as the Federal Reserve's interest rate hikes in 2022 and 2023 dampen demand.
A separate report on Thursday from global outplacement firm Challenger, Gray & Christmas showing planned job cuts by U.S.-based companies dropped 47% to 25,885 in July. Companies have announced 460,530 job cuts so far this, down 4.4% from the same period last year. They, however, planned to hire 3,676 workers in July. So far this year, employers have announced plans to hire 73,596 workers, the lowest year-to-date total since 2012.
Federal Reserve Chair Jerome Powell told reporters on Wednesday that while he viewed the changes in the labor market as "broadly consistent with a normalization process," policymakers were "closely monitoring to see whether it starts to show signs that it's more than that."
(Excerpt) Read more at finance.yahoo.com ...
Layoffs will increase.
There will be a financial crisis.
On the far side of that recession, companies will have invested heavily in AI.
Many, many jobs are not going to come back.
The problem with talking about them is that they will then falsely manipulate the stats to show a sudden improvement right before the election.
Of course, we won’t see the “correction” until later.
And we are ALLOWING other non-workers to pour over our boarders.
Yes. Tie illegal immigration to this increase. To future joblessness. Keep talking about it. It’s another pro Trump campaign issue stick to the issues.
The ten-year Treasury has broken below 4%. Good news for borrowers.
I doubt it. The trend is in place. My guess is we’ll see a rate cut in September.
The average undecided voter carefully analyzes all economic statistics before casting their vote.
Not!
The “upcoming rate cut” has been predicted every month for the last two years.
Lol.
“The ten-year Treasury has broken below 4%. Good news for borrowers.”
Not nearly as good as it should be. The markup for a 30yr mortgage has historically been about 1.5% above the 10yr Treasury rate. The 30yr rate should be 5.5% right now, but it’s not. It’s 6.83% today.
Just visited the Golden State. Visited Santa Rosa, in the heart of Russian River wine area. Last visit was in 16. Mood of small businessmen I spoke with and visibility of visitors of wineries showed a distinct trail off. One restaurant owner said he has had his business up for sale for a year and has constantly moved the asking down, no takers. His comment was all the workers these days seem to want to just show up when they want, smoke pot, and do the minimum. Two winery officials both told me they have seen cohorts just up and leave the state. They are staying because they could afford to do so and like the environment but see no economic future. At wineries I visited, the parking lots which were teeming in 16 are virtual green spaces now. More reps than visitors. It was an eye opener. The restaurant owner said he was moving to Florida as he knows the business climate is better there and the government is not oppressive.
We also visited Sequoia NP. I commented to my wife I felt like I was at a port of entry.
I lived in Ca in the 70s to the early 90s. Never saw it this bad. Not to say I have not noticed some slippage here in Fl, but nothing like this economic disaster.
Unemployment rate today is 4.1%, just checked. We’ve gone from
an overheated employment market to what’s considered full employment.
It’s California like businessman have already gotten out or like him areor trying to get out. productive people executives laborers, skilled craftsman are getting the hell out
dopers and promiscuous females are moving. Hippies. Left wingers. Hypocrites Hypocrites. sooner rather than later California is feeling the effects of its dimwit population.
https://www.bls.gov/news.release/prod2.nr0.htm
The devil is always in Deep State’s details, isn’t he...
In another month or so, I’m sure it will be adjusted even higher.
Well, that’s odd. Joe Biden said that wasn’t possible.
Speaking of Biden, he hasn’t been seen since like Monday as far as I can tell. Why do I think that’s gonna be a new trend?
bttt
When we bought this starter house a decade ago VA interest rate was 3.2. We opted for a 15-year loan and paid it off in 7 years. Property taxes have doubled, so has the sale price of the house. At 76/84 have no will to sell and move or go into debt.
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