It appears there will be no layoffs pre-Christmas and Christmas. After Christmas, the delays in implementing EVs at GM will result in layoffs in Michigan. A holly jolly holiday season for initial jobless claims – by New Deal democrat Initial jobless claims rose 2,000 last week to 205,000, while the four-week average declined -1,500 to 212,000. With the usual one week delay, continuing claims declined -1,000 to 1.865 million: No Christmas layoffs to speak of this year! On the more important for forecasting purposes YoY basis, initial claims are down -3.3%, the four week average up 0.1%, and continuing claims higher by 16.5%: Needless to say, these forecast continued expansion in the months ahead. There had been some notion
Topics:
NewDealdemocrat considers the following as important: 2023, Hot Topics, jobless claims, US EConomics
This could be interesting, too:
NewDealdemocrat writes March JOLTS report: declines in everything, fortunately including layoffs
NewDealdemocrat writes Manufacturing treads water in April, while real construction spending turned down in March (UPDATE: and heavy truck sales weren’t so great either)
NewDealdemocrat writes Repeat home sale prices accelerated in February (but don’t fret yet)
Angry Bear writes Sorta a book review “Wall Street’s War on Workers”
It appears there will be no layoffs pre-Christmas and Christmas. After Christmas, the delays in implementing EVs at GM will result in layoffs in Michigan.
A holly jolly holiday season for initial jobless claims
– by New Deal democrat
Initial jobless claims rose 2,000 last week to 205,000, while the four-week average declined -1,500 to 212,000. With the usual one week delay, continuing claims declined -1,000 to 1.865 million:
No Christmas layoffs to speak of this year!
On the more important for forecasting purposes YoY basis, initial claims are down -3.3%, the four week average up 0.1%, and continuing claims higher by 16.5%:
Needless to say, these forecast continued expansion in the months ahead. There had been some notion that higher continuing claims meant a recession was imminent, but as usual they have followed initial claims lower with a delay. Their current YoY increase is the lowest since the beginning of April.
Finally, our usual comparison with the Sahm Rule, because initial claims lead the unemployment rate, indicates that unemployment is likely to peak this month or in the next several months and then drift back lower towards 3.6% or so:
Good news for the holiday season!
Jobless claims: good news all around, Angry Bear by New Deal democrat