More Americans filed for jobless benefits last week, but layoffs remain historically low despite attempts by the Federal Reserve to cool the economy, and hiring, to bring down inflation. Applications for jobless aid in the U.S. for the week ending Feb. 4 rose by 13,000 last week to 196,000, from 183,000 the previous week, the…
Is the US Economy Climbing Into a Fatal Stall?
Commentary Everybody loves to see egg all over the faces of experts, but the blowout of the Wall Street consensus forecasting 190,000 new jobs for January by an actual number of 517,000 was more yolk than anyone bargained for. The favored media meme is that unemployment, which was supposed to go up, is instead at…
The Management Racket Is Ending
February 2, 2023
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Commentary When I was 15, I had a wonderful time working at a local fish restaurant. I was a busboy and dishwasher and super proud of my job. Scrubbing pots and wiping down tables was a job of enormous responsibility. Leaving grease and sticky stuff on plates and seats was a sure way to drive…
Watchdog Identifies $5 Billion in Potential COVID-19 Relief Fraud
January 31, 2023
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A federal watchdog on Monday issued an alert for $5.4 billion in relief that may have been fraudulently claimed through the U.S. government’s small business COVID-19 support program. Data scientists from the Pandemic Response Accountability Committee (PRAC) flagged over 69,300 “questionable” social security numbers (SSNs) for “potential fraud and identity theft” linked to the programs….
House Ways and Means Committee Chair Calls for Probe Into ‘$60 Billion’ in Fake COVID-19 Unemployment Claims
January 24, 2023
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House Ways and Means Committee Chairman Jason Smith (R-Mo.) is calling for an investigation into the “historic theft of taxpayer dollars from COVID-era unemployment programs” after a report by the Government Accountability Office (GAO) found that as much as $60 billion may have been spent on fraudulent claims for unemployment insurance during the pandemic. The report, released on Jan. 23, said…
Almost 20 Percent of US Firms Plan to Fire Employees: NABE Survey
January 23, 2023
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Roughly a fifth of American companies are looking to scale down their workforce in the coming months as businesses come under pressure of low margins, with many foreseeing an economic recession, according a January survey by the National Association for Business Economics (NABE). According to the survey, almost 20 percent of respondents expect employment at…
Australia Becomes A Global Leader in Job Creation: Treasury Analysis
Australia’s job market outperformed other G7 countries in the latter half of 2022 despite facing an aggressive interest rate hike cycle and softening economic conditions. A new Treasury analysis of the Australian Bureau of Statistics (ABS) workforce data reveals that 234,000 jobs were added to the Australian economy between May and November 2022, representing a…
US Jobless Claim Applications Fall to Lowest in 14 Weeks
WASHINGTON—The number of Americans applying for jobless benefits fell to the lowest level in more than three months last week, reflecting a still-robust job market despite the Federal Reserve’s efforts to cool the economy and bring down decades-high inflation. Applications for unemployment aid for the week ending Dec. 31 fell by 19,000 to 204,000, the…
Border Crisis Likely Cause of Employment Data Anomaly
December 30, 2022
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News Analysis The massive influx of illegal immigrants over the past year appears to be the most plausible cause of a major employment statistic growing increasingly inaccurate. If that is so, the error should be remedied come February. In fiscal 2022, Border Patrol was aware of some 2.8 million illegal border crossings—a historic number. Less…
US and Europe Are Indeed Similar Under Cycles of Inflation and Unemployment
December 29, 2022
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Commentary The relationship between unemployment and core Consumer Price Index inflation is often plotted to produce the Phillips Curve. The results will differ between economies. To many observers, the main difference between U.S. and European economies is the relatively weak real activity and persistently high inflation of the latter. This suggests the United States is…
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