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Posts Tagged ‘jobs’

What do you know? A rational stock market for a day!

Stocks refused to follow the headline job gains reported today--and instead focused upon the uncertainty in the economy looking forward as the re-opening economy gave off signs that the recovery might be about to stall--or even step backward. Even though the June jobs report showed the economy gained almost 5 million jobs in June, stocks […]

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This is as good as the economy gets–for a while

The U.S economy added 4.8 million jobs last month in June. And the official unemployment rate fell to 11.1%. That's the good news. Unfortunately, the gains in jobs and the drop in unemployment are based on data from a survey that measured conditions in the week ended June 12. That was at the height of […]

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Saturday Night Quarterback (on a Sunday) says, For the week ahead expect…

... really, really confusing and almost certainly misleading economic data. On Thursday, July 2, a day early because of the Fourth of July weekend, the Labor Department will report jobs numbers for June. Right now economists surveyed by Bloomberg are expecting a 3 million increase in jobs. That will follow on a very surprising, shocking […]

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July is shaping up as the cruelest month in the coronavirus economy

In May governments shed more than 570,000 workers as states and cities grappled with huge budget shortfalls created by the coronavirus pandemic and shutdowns of economic activity imposed in an effort to get the outbreak under control. those layoffs are going to get worse in June and July. Local and state governments asked Congress for […]

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Weekly new claims for unemployment drop again–but at slower than expected pace

If the contests between the stock market--which sees a rapid V-shaped recovery for the economy--and the Federal Reserve--which sees a slow recovery very stretching over two years, today's report on New Claims for Unemployment comes down on slow recovery side. Initial jobless claims for regular state programs totaled 1.51 million in the week ended June […]

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New claims for unemployment rise by 1.54 million for week ended June 6

Initial claims for state unemployment benefits continued to trend lower with 1.54 million workers applying in the week ended June 6. That's down from 1.9 million initial claims in the prior week. (Economists surveyed by Bloomberg had projected 1.55 million initial claims for the week.) But while the trend is pointing in the right direction, […]

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How much of a boost can the economy count on from the Paycheck Protection Program looking ahead?

The Washington Post reports that about one third of food service and accommodation businesses that have received loans/grants from the Paycheck Protection Program have less than one month of cash left, Adam Ozimek, chief economist at Upwork, told the Washington Post. That puts as  many as 3 million restaurant jobs at risk.

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Why today’s official jobs and unemployment rate numbers are probably wrong

According to the official Labor Department report on jobs and unemployment for May, the economy added 2.5 million workers in the month and the unemployment rate fell to 13.3% (from 14.7% in April.) Economists surveyed by Bloomberg had projected a 6 million drop in jobs and a rise in unemployment to 19.7%. A huge surprise […]

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In huge surprise unemployment rate drops to 13.3% as economy adds 2.5 million jobs in May–by the official numbers

The U.S. economy added 2.5 million jobs in May, the Labor Department reported today. The official rate of unemployment fell to 13.3% from 14.7%. In April the economy had shed 20.5 million jobs. Economists were surprised by the gains, to put it mildly. The consensus projection among economists surveyed by Bloomberg had called for the […]

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Another 1.88 million new claims for unemployment this week, slightly more than economists had projected but still down from the prior week

Initial claims for unemployment for regular state programs totaled 1.88 million for the week ended May 30, according to the Labor Department. (This total does not include self-employed or gig workers that are now receiving unemployment under newly passed coronavirus rescue legislation. I'm tracking the state numbers because that let's me do apples to apples […]

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