New weekly filings for unemployment insurance—a proxy for layoffs and a labor market barometer—fell more than expected last week, to a three-week low, with experts saying that the Federal Reserve will likely see this as a sign of labor market tightness and, therefore, will have no reason to pause in its aggressive monetary-tightening cycle. First-time filings for…
Jobless Claims Drop More Than Expected, Pointing to More Fed Tightening
Criminals Spent COVID-19 Unemployment Benefits on Drugs, Weapons: Department of Labor OIG
October 20, 2022
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The U.S. Department of Labor’s Office of Inspector General (OIG) has said that criminals stole billions of dollars in unemployment money that was issued during the COVID-19 pandemic, and used some of it to purchase drugs and weapons. Congress in March 2020 launched an unemployment aid program for Americans who were unable to work as a…
Australian Unemployment Rate Remains Unchanged in September, Job Market Stays Tight
Australia’s unemployment rate stabilised at 3.5 percent in September, with a slight increase in the number of employed people. Data from the Australian Bureau of Statistics (ABS) showed that employment rose by 900 in the month, far below the 33,500 recorded in August, while the number of people without a job climbed by 8,800. In…
Jobless Claims Rise More Than Expected Due to Losses Incurred by Hurricane Ian
October 13, 2022
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U.S. jobless claims rose more than expected last week, for the highest level of claims since late August, after Florida was hit by Hurricane Ian. The labor market has remained strong overall, and many firms are still hoarding workers even as the economy begins to slow, and many positions remain open. Initial unemployment claims inched…
US Economy Adds 263,000 New Jobs in September as Labor Market Conditions Soften
The U.S. economy added 263,000 new jobs in September, down from an upwardly revised print of 537,000 in August, according to the Bureau of Labor Statistics (BLS). The market had forecast 250,000 new jobs last month. The unemployment rate fell to 3.5 percent, down from 3.7 percent in August. This came in line with economists’…
‘Good News Is Bad News’: Stocks Resume Selloff On Fed Rate Hike Fears After Jobless Claims Plunge to 5-Month Low
The number of Americans filing new claims for unemployment benefits fell to a five-month low last week, but stock markets reacted in line with a “good news is bad news” paradigm and resumed their sharp selloff as the strong labor market data suggests the Federal Reserve is likely to stay the course on hiking rates…
LIVE 10:30 AM ET: Federal Reserve Plans to Cause Unemployment and ‘Reduce Demand’; Texas Designates Cartels as Terrorists
The Federal Reserve is planning to cause unemployment in the United States with 4.4 percent interest rates by the end of the year, in a bid to reduce inflation. Fed Chair Jerome Powell said, “There will very likely be some softening of labor market conditions,” due to the planned actions of the Fed, which is…
LIVE: Federal Reserve Plans to Cause Unemployment and ‘Reduce Demand’; Texas Designates Cartels as Terrorists
The Federal Reserve is planning to cause unemployment in the United States with 4.4 percent interest rates by the end of the year, in a bid to reduce inflation. Fed Chair Jerome Powell said, “There will very likely be some softening of labor market conditions,” due to the planned actions of the Fed, which is…
LIVE 9/27, at 10:30 AM ET: Federal Reserve Plans to Cause Unemployment and ‘Reduce Demand’; Texas Designates Cartels as Terrorists
The Federal Reserve is planning to cause unemployment in the United States with 4.4 percent interest rates by the end of the year, in a bid to reduce inflation. Fed Chair Jerome Powell said, “There will very likely be some softening of labor market conditions,” due to the planned actions of the Fed, which is…
More Britons Quit Jobs Market, Cutting Unemployment Rate but Worsening Worker Shortage
More British workers have quit the jobs market, causing the UK’s unemployment rate to hit its lowest level in 48 years but also worsening the already severe labour shortages. According to the latest data released by the Office for National Statistics (ONS) on Sept. 13, those classed as economically inactive rose by 194,000 to 9…
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