In another sign of the continuing tight labor market, new jobless claims hit a pandemic low at 290,000 for the week ending Oct. 9, following an upwardly revised reading of 329,000 in the previous week. … READ MORE >
Economics
Inflation remains elevated as supply chain disruptions persist
Inflation continued to move at or near the top of its pandemic-induced pace in September with the overall Consumer Price Index increasing by 0.4% on the month and by 5.4% on an annual basis. … READ MORE >
Job openings eased as quits hit a record
Demand for labor remained strong as job openings ebbed to 10.4 million in August following a record in July, which was revised upwardly to 11.1 million, according to Labor Department data released on Tuesday. … READ MORE >
Chart of the day: Commercial paper points to strong corporate recovery
Commercial paper issuance is strong and resembles the robust recovery in corporate activity that took place after the financial crisis. The level of commercial paper outstanding is mirroring the increase in economic activity that began in the fourth quarter of last year. … READ MORE >
Chart of the day: The ‘real’ unemployment rate is 8.2%
The headline U3 unemployment rate of 4.8% for September is probably an undercount of the number of out-of-work people in the United States. … READ MORE >
How $15 an hour became the de-facto minimum wage
A new de-facto entry-level wage of $15 per hour is becoming the national standard in the private sector. The shock to the economy unleashed by the pandemic and the response by workers have radically transformed the wage-earning landscape. … READ MORE >
Canada’s employment is back to pre-pandemic levels
Canada added an encouraging 157,000 jobs in September, bringing its total employment to just over the February 2020 level. … READ MORE >
September U.S. jobs report: One-time factors dampen hiring as unemployment rate falls to 4.8%
Widespread disruption to supply chains, the impact of Hurricane Ida, modest delays in the reopening of schools and day care centers and seasonal noise in the employment data all combined to dampen hiring in September. … READ MORE >
Initial jobless claims fell more than expected as labor market gained momentum
First-time claims for jobless benefits—a proxy for layoffs—posted a significant 10.4% drop for the week ending Oct. 2 to 326,000, in a sign that the labor market continues to be tight. … READ MORE >
In a possible sign of things to come, looming debt-ceiling crisis induces a flight to cash
The front end of the Treasury curve is flashing red because of the possibility of another black swan event—the threat of default on Treasury securities on or around Oct. 18. … READ MORE >