In a sobering surprise, the Labor Department reported on Thursday that initial jobless claims for the week ended Aug. 15 reached a higher-than-expected 1.1 million, a sign the road to economic recovery will be bumpy and volatile as the country struggles to gain footing amid the COVID-19 pandemic. … READ MORE >
unemployment
CHART OF THE DAY: Continuing jobless claims data point to cracks in labor market
As we enter week 22 of pandemic-induced job losses, the increase in the duration of unemployment is becoming worrisome. The insured unemployment rate increased to 10.6% for the week ending Aug. 1, which is above the Bureau of Labor Statistics’ July estimate of 10.2%, implying August nonfarm payrolls may be less robust than expected. … READ MORE >
CHART OF THE DAY: Job openings increase, but so does competition for them
RSM’s Chart of the Day shows steep competition for available job openings in the U.S. labor market. … READ MORE >
U.S. employment report: Recall of workers slows in July
The recall of workers to their jobs slowed in July as evidence of a much greater problem in the domestic labor force mounts. … READ MORE >
Initial jobless claims: Potential inflection point
Initial jobless claims for the month of July point to a potential inflection point in the American labor market. July’s data perfectly captured the flattening out of consumer demand and slowing of overall growth in the economy. … READ MORE >
US July employment report preview: Stagnation
We anticipate that there will be no increase in total employment for July following two strong months of worker recalls when the U.S. employment data is released on Friday. … READ MORE >
Three states report significant increases in initial jobless claims
The grim news from the national increase in initial jobless claims, which are adjusted for seasonal effects, was mitigated somewhat by the state-by-state raw counting of first-time filings for unemployment benefits. … READ MORE >
First-time jobless claims rise for second straight week
First-time jobless claims increased by 1.434 million for the week ending July 25, the Labor Department reported on Thursday, while continuing claims increased by 17.01 million, implying an increase to an 11.6% insured unemployment rate. … READ MORE >
Initial jobless claims, by state: Texas passes 3 million
Texas became the fifth state to have processed 3 million initial filings for unemployment benefits since the onset of the novel coronavirus and the shutdown of local economies on March 7. … READ MORE >
Initial jobless claims: Slowing economy pushes claims higher
A series of alternative and near real-time data show that the economy began to slow on or around June 24. First-time jobless claims, which increased by 1.416 million for the week ending July 18, affirm the evolution of that data and point to risks around a slower pace of workers being recalled to their pre-pandemic jobs. … READ MORE >