Jobless claims show worsening U.S. labor market. Or do they?

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 97%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

The U.S. labor market is not quite as strong as it looks, if the latest jobless-claims figures are to be believed. But how believable are they?

The government on Thursday unveiled a new formula for seasonal adjustments that shows initial jobless claims, or layoffs, were notably higher this year than previously reported.The government on Thursday unveiled a new formula for seasonal adjustments that shows initial jobless claims, or layoffs, were notably higher this year than previously reported.What the new numbers show is that jobless claims have topped 200,000 for nine straight weeks, including a 14-month high of 247,000 in mid-March.

“This rise is more consistent with the large number of layoffs announced by high profile tech and retail companies since the beginning of this year,” said Stuart Hoffman, senior economic advisor at PNC Financial Services.“The data still indicate that the job market is strong and that laid-off workers are having a fairly easy time finding new employment,” said Matthew Martin, U.S. economist at Oxford Economics.

The latest monthly jobs report for March is due Friday. Wall Street expects another strong increase of 238,000. Adding to the problem, the pandemic in 2020 and 2021 threw the seasonal-adjustment process out of whack because of huge and sudden changes in employment. The government has been fine tuning its process ever since to try to make it more reliable again.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I blame McCarthy and his fellow travelers

They do.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Higher March Jobless Claims Add to Signs of Cooling Labor MarketFilings for unemployment benefits were larger than previously thought last month, according to new government calculations. Of course. Lay-off are happening everywhere The Biden admin. “ we hide the facts if they don’t help is” on brand.
Source: WSJ - 🏆 98. / 63 Read more »