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...
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...
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...
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....
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...
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...
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...
Anticipating more rally for the end of this week: slower growth in new claims for unemployment (Thursday) and in job cuts (Friday) likely to be seen as signs of a bottom for economy
Tomorrow it's Thursday and time for another weekly report on initial claims for unemployment. In absolute terms the numbers are likely to be grim. Economists project that tomorrow's report will show another 1.8 million workers have filed new claims for unemployment....
Saturday Night Quarterback says (on a Sunday), For the week ahead expect…
...that the big news of the week will be Friday's report on April jobs. Economists surveyed by Bloomberg are forecasting that the economy lost another 8 million jobs in May. That's after the loss of 20.5 million jobs in April. These economists project that the...
New claims for unemployment 2.12 million for week ended May 23
The stock market is seeing the glass as half full this morning. This morning the Labor Department reported that 2.12 million Americans filed new claims for unemployment in the week that ended on May 23. That is down from 2.45 million initial claims in the prior week...
Another 2.4 million workers filed initial claims for unemployment last week–but take the data with a grain of statistical salt
According to the Department of Labor another 2.4 million Americans filed initial claims for unemployment in the week that ended May 16. That puts the total from this report at 38.6 million initial claims for unemployment filed in the last 9 weeks. The two-month total...Jim’s Stock Alerts
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