General Category > Economy/Jobs/Business
More Americans apply for jobless benefits as layoffs settle at higher levels
mystery-ak:
More Americans apply for jobless benefits as layoffs settle at higher levels
U.S. filings for unemployment benefits rose again last week and appear to be settling consistently at a slightly higher though still healthy level
ByMATT OTT AP business writer
July 18, 2024, 7:38 AM
U.S. filings for unemployment benefits rose again last week and appear to be settling consistently at a slightly higher though still healthy level that the Federal Reserve has been aiming for.
Jobless claims for the week ending July 13 rose by 20,000 to 243,000 from 223,000 the previous week, the Labor Department reported Thursday. It's the eighth straight week claims came in above 220,000. Before that stretch, claims had been below that number in all but three weeks so far in 2024.
Weekly unemployment claims are widely considered as representative of layoffs.
The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in an attempt to extinguish the four-decade high inflation that shook the economy after it rebounded from the COVID-19 recession of 2020. The Fed’s intention was to cool off a red-hot labor market and slow wage growth, which it says can fuel inflation.
“The Fed asked to see more evidence of a cooling economy, and for the most part, they’ve gotten it,” said Chris Larkin, managing director of trading and investing at E-Trade. “Add today’s weekly jobless claims to the list of rate-cut-friendly data points.”
more
https://abcnews.go.com/Business/wireStory/americans-apply-jobless-benefits-layoffs-settle-higher-levels-112060209
Wingnut:
Joe laments that he just doesn't get credit for all he has done for to the economy.
Smokin Joe:
Inflation is fueling wage growth, not the other way around.
People are trying to keep up.
Higher motor fuels prices are fueling inflation, because those raise the cost of everything.
That is the result of Biden policy, from day one.
GtHawk:
--- Quote from: Smokin Joe on July 19, 2024, 02:08:03 pm ---Inflation is fueling wage growth, not the other way around.
People are trying to keep up.
Higher motor fuels prices are fueling inflation, because those raise the cost of everything.
That is the result of Biden policy, from day one.
--- End quote ---
But if everyone had just transitioned to EV's like Herr Fuhrer Biden had ordered than the cost of gas wouldn't matter. /s
Smokin Joe:
--- Quote from: GtHawk on July 19, 2024, 08:12:05 pm ---But if everyone had just transitioned to EV's like Herr Fuhrer Biden had ordered than the cost of gas wouldn't matter. /s
--- End quote ---
Yes, it would. The holdouts could make bank towing generators around to charge them up on the side of the road (beverages and snacks extra).
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