04 August 2022

It's Jobless Thursday

And initial unemployment claims rose to 260,000, the second highest this year, just below the count of 261,000 last month.

Worker filings for unemployment benefits rose last week, holding close to the highest level of the year as the U.S. labor market showed several signs of cooling.

Initial jobless claims, a proxy for layoffs, increased slightly to a seasonally adjusted 260,000 last week from a downwardly revised 254,000 the prior week, the Labor Department said Thursday. The total is close to the 2022 peak set earlier in July of 261,000 and above the 2019 prepandemic weekly average of 218,000, when the labor market also was strong.

Continuing claims, a proxy for the total number of people receiving payments from state unemployment programs, rose by 48,000 to 1.4 million in the week ended July 23. That was the highest level since the spring. Continuing claims are reported with a one-week lag.

The Federal Reserve will be getting the recession that it claims that it does not want. (Spoiler, they are lying.  They do want a recession)

(on edit)

U.S. factories growth fell as did new orders

We are not headed for a soft landing.


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