WASHINGTON—The U.S. job market remains healthy as fewer Americans applied for unemployment benefits last week, despite the Federal Reserve’s rapid interest rate hikes this year intended to bring down inflation and tighten the labor market. Applications for jobless claims for the week ending Nov. 12 fell by 4,000–222,000 from 226,000 the previous week, the Labor…
Fed Data Show Increased Inflation Expectations and Deteriorating Unemployment Expectations
Inflation expectations among Americans have risen for the short, medium, and longer terms, while their unemployment expectations reached the highest level since April 2020, according to the October 2022 Survey of Consumer Expectations by the Federal Reserve Bank of New York. “Median inflation expectations increased at both the one- and three-year-ahead horizons in October, by…
Illinois’ Poised to Pass Law Protecting Union Bargaining Amidst Record Unemployment, Worsening Economy
November 15, 2022
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Unions across Illinois are celebrating the passage of a labor rights amendment to the state Constitution that would ban “right-to-work” laws throughout the state. Amendment 1 (also known as the “Workers’ Rights Amendment”) solidifies collective bargaining as a state constitutional right that cannot be legislated away. The SEIU Healthcare Illinois union has called it a…
Capitol Report (Nov. 4): Soros Spends $126 Million on Democrats; Mass Layoffs in Tech Sector
November 4, 2022
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Billionaire George Soros is the biggest midterm political donor so far. He’s given over $100 million to help the Democrats. Mass layoffs are hitting the tech sector. Which companies are putting hiring on hold and cutting down their workforce? President Joe Biden says jobs are looking good, as big names of both parties hit the…
October Jobs Report Breaks Hopes of a Federal Reserve Pause
November 4, 2022
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Commentary The October jobs report showed that the economy added 261,000 new jobs, considerably better than the consensus estimate of 200,000 jobs. This morning’s print is 54,000 fewer jobs than were created in September 2022 and 461,000 fewer jobs than were created in the COVID recovery period of 2021. Net revisions for August and September added another 29,000 net…
October’s Jobs Report Is a ‘Mixed Bag’
November 4, 2022
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While the newly released employment report beat forecasts in terms of sheer job creation numbers, and prompted a victory lap by President Joe Biden, some experts say it’s a “mixed bag,” with the unemployment rate rising and prime working age employment falling, and others saying the Federal Reserve is likely to find much of the…
Work Ready New Zealanders on Welfare Amid Labour Shortage Has ‘Got to Stop’: ACT Party Leader
November 3, 2022
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New Zealand’s ACT Party Leader David Seymour said they would put work-ready Kiwis receiving welfare benefits under “income management” to encourage them to take up jobs. According to the Ministry of Social Development (pdf), of the 170,000 people receiving a Jobseeker Support benefit at the end of September, 98,900 were classified as “work ready.” Seymour…
The Blowback Is Finally Here
October 28, 2022
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Commentary Bastille Day celebrates the 1789 storming of the famous French political prison where the inmates could never appeal their sentences imposed by royal decree. The event is mostly symbolic since there were only seven people in the facility and none of any real significance. But the point is there: such institutions are unjust and…
Unemployment Seen Climbing Much Higher Than Fed Expects as It Fights Inflation: Deutsche Bank
October 26, 2022
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Analysts at Deutsche Bank said in a recent note that the Federal Reserve’s fight to crush inflation could send the unemployment rate as high as 6 percent by the end of 2023, equivalent to around 4 million Americans losing their jobs. After initially downplaying rising inflation as a “transitory,” an embarrassed Fed has moved aggressively…
Republican-Led States Lead Way in Declining Unemployment Rates: Report
Republican-led states are leading the way in decreasing unemployment rates compared to those led by Democratic governors, according to data released on Oct. 21 from the Bureau of Labor Statistics. According to the state unemployment data for the month of September, 10 of the top 12 states with the lowest unemployment rates last month included Alabama, Florida, Missouri, Nebraska, New Hampshire, North Dakota, South…
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