Tag: unemployment

Commentary: High Gold Price Points to Sustained Inflation

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Gold Bars in vault

The economy looms large in the minds of most people and not simply because it is an election year. It affects us directly. We spend a lot of our waking hours at work, and our jobs are often connected to the welfare of families and children. With everything being more expensive, getting a toe hold on mere middle-class status is harder now than it was for older generations. Many people are slipping down a rung or three.

In addition to long-term trends like the decline of manufacturing and the cut-throat financialization of corporate America, unique recent events loom large. COVID lockdowns, soon followed by the government money giveaway—PPP loans, augmented unemployment benefits, rent relief, and other stimulus plans—disrupted our routines and affected the entire economy. While these measures likely prevented a deep recession, the shutdowns ruined a lot of businesses, and the various stimulus funds ended up unleashing inflation.

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Commentary: Unemployment Up Another 760,000 Since December 2022 as Unemployment Rate Jumps to 3.9 Percent

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Don’t look now, but U.S. labor markets appear to be churning in the wrong direction, as the unemployment rate jumped to 3.9 percent in February, and the unemployment level hit a new high for this cycle at almost 6.5 million, up 760,000 from its low this cycle of 5.7 million in Dec. 2022, according to the latest data from the Bureau of Labor Statistics.

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Government Jobs Continue to Swell Under Biden as Unemployment Ticks Up

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Team Work at Office

The U.S. set another new record for the total number of government jobs in February, even as overall unemployment ticks up, according to data from the Bureau of Labor Statistics (BLS).

The government added 52,000 positions in February, around the average gain per month seen in the last year, totaling 23,180,000, according to the BLS. The U.S. economy added 275,000 nonfarm payroll jobs in February, far higher than expectations of 200,000, but unemployment shot up from 3.7% to 3.9%.

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Job Gains Surge for Another Month as Unemployment Ticks Up

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Office Work

The U.S. added 275,000 nonfarm payroll jobs in February as the unemployment rate ticked up to 3.9%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists anticipated that the country would add 200,000 jobs in February compared to the 353,000 that were added in January, and that the unemployment rate would remain at 3.7%, according to Reuters. The job gains were announced two days after Jerome Powell, chair of the Federal Reserve, told the House Financial Services Committee in its semi-annual monetary policy report that he does not believe that there is evidence for a recession, meaning rate cuts could be on the horizon.

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Commentary: Inflation Is the Reason Joe Biden Is So Unpopular

RealClearWire
Joe Biden

We’ve paid much attention to President Biden’s flagging job approval here, in part because it tends to be a strong predictor of how an election will turn out. Biden is marching into this election season as likely the least popular president to face the voters since Herbert Hoover. While he may yet be saved by the fact that he is facing off against Donald Trump, who brings his own baggage to the table, it’s an ominous indicator.

At the same time, the economy is running hot. Growth is over 3%, unemployment is under 4%, and inflation has fallen from its peak. So why the seeming paradox of an unpopular president in a time of strong economic growth, especially when the strength of the economy is itself a traditional predictor of presidential job approval?

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Businesses Are Getting Crushed ‘Beneath the Surface’ of Economy, New Figures Show

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In recent years, mid-sized companies between $100 million and $750 million in yearly revenue have been increasingly struggling compared to large businesses, taking the brunt of poor economic conditions and high interest rates, according to asset manager Marblegate.

From 2019 to the end of 2022, mid-sized companies had a 24 percent drop in earnings before interest, taxes, depreciation and amortization (EBITDA) compared to public companies, which had their earnings rise 18 percent, according to a study by Marblegate acquired by Axios. The discrepancy between large and midsized companies is in part due to the increased cost of credit for smaller businesses, which are more affected by the Federal Reserve’s interest rate hikes, with the federal funds rate currently being placed in a range of 5.25 percent and 5.50 percent, the highest point in 22 years.

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Bidenomics: Unemployment Insurance Claims Leap as over 1.8 Million Americans Receive Benefits

Just the News

State unemployment insurance claims rose last week by 12,000 while the number of people who are receiving benefits reached 1.875 million for the week ending Dec. 16, according to seasonally adjusted data released Thursday by the Labor Department. 

Seasonally adjusted initial claims hit 218,000 for the week ending Dec. 23 after rising by 12,000, according to the latest data. 

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Job Gains Fall Short of Expectations as Unemployment Ticks Up

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The U.S. added 150,000 nonfarm payroll jobs in October as the unemployment rate ticked up to 3.9%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists had anticipated that the country would add 180,000 jobs in October compared to the 336,000 jobs that were added in September and that the unemployment rate would remain at 3.8%, according to Reuters. On Wednesday, at the conclusion of its Federal Open Market Committee meeting, the Federal Reserve announced that it would be keeping its federal funds rate steady in the range of 5.25% and 5.50%, a 22-year high, after a series of 11 rate hikes that started in March 2022 in an effort to tame inflation.

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Commentary: Unemployment Remains Unchanged at 3.8 Percent as Record 11.1 Million Seniors Still Working

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Labor markets appeared buoyed by still-working Baby Boomers in September as the unemployment rate remained unchanged at 3.8 percent, with 296,000 seniors finding jobs in the Bureau of Labor Statistics’ household survey.

With more than 11.1 million seniors still working — a national record — peak employment still abounds, even as a massive 47.21 million seniors are no longer in the labor force — also a record — amid the Baby Boomer retirement wave that has seen those 65-years-old-and-older not in the labor force have increased about 19 million the past 25 years.

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Nearly Four in 10 Georgians Out of the Workforce

The Center Square

While state officials continue to tout the state’s low unemployment, numbers show nearly 39% percent of Georgia’s working-age population isn’t participating in the workforce.

On Thursday, state officials said Georgia’s August unemployment rate was 3.3%, a slight increase from July’s revised 3.2% rate. The state’s rate is lower than the 3.8% national unemployment rate.

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Unemployment Spikes as Job Market Continues to Cool

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The U.S. added 187,000 nonfarm payroll jobs in August as the unemployment rate shot up to 3.8%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists had anticipated the country would add 170,000 jobs in August compared to 187,000 jobs in July, and that unemployment would remain unchanged at 3.5%, according to Reuters. The U.S. economy grew less than previously thought in the second quarter of 2023, with yearly real Gross Domestic Product being revised down from 2.4% to 2.1%.

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Georgia Unemployment Remains Below National Average as Initial Claims Rise

The Center Square

Georgia’s July unemployment rate was 3.2%, unchanged from June’s revised rate, even as more Georgians filed initial unemployment claims.

The state’s unemployment rate is also lower than the national unemployment rate of 3.5%. In July, Georgians filed 31,410 initial claims for unemployment benefits, up 34%, or 7,933, from a month earlier and 2,865 from last year.

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Commentary: As Hiring Slows Down, So Does the Economy

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The U.S. economy added 209,000 jobs in June, according to the latest establishment survey by the Bureau of Labor Statistics, less than expected as 306,000 were added in May, as hiring slowed down nationwide. Meanwhile, the unemployment rate remained about the same at 3.6 percent.

Historically, when hiring slows down by establishments, that usually coincides with economic slowdowns and recessions. In the recent cycle, the 2020 and 2021 recovery from COVID notwithstanding, hiring peaked at about 5.2 percent annualized increase in Feb. 2022. Now, it’s down to 2.5 percent.

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Jobless Claims Soar to Highest Levels Since 2021

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The number of Americans who filed new unemployment claims increased more than expected to 261,000 in the week ending June 3, the Department of Labor (DOL) reported Thursday.

Claims rose 28,000 compared to the previous week’s revised level, the highest number since October 2021, when it was 264,000, according to the DOL. This substantially exceeded the median forecast, which was 236,000, according to MarketWatch.

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Unemployment Rates Drop in Nearly Every Tennessee County

Mac Roberts

In a new release on Thursday, the Tennessee Department of Labor and Workforce Development (TDLWD) announced March 2023 decreases in the unemployment rates in all but one county. Meigs County, a rural area situated between Chattanooga and Knoxville with a population of around 13,000, was the only one of 95 counties that saw an increase in its unemployment figure – by 0.7 percent.

Meigs County also had the highest unemployment rate of any county, with 5.6 percent. Most of the other top ten highest unemployment rates were in rural counties, including Bledsoe, Haywood, Lake, Scott, Clay, Cocke, Decatur, Lauderdale, and Grundy Counties.

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State Agency: Pennsylvania Unemployment Claim Backlog Remains at over 31,000

Bradley Vasoli

Pennsylvania’s Department of Labor & Industry (L&I) on Wednesday told state representatives the commonwealth’s unemployment-claim (UC) backlog remains vast at 31,304 cases.

L&I officials testifying at a hearing of the state House Appropriations Committee in preparation for next fiscal year’s budget also said state residents calling the department regarding UC claims face an average wait time of 67 minutes. Acting L&I Secretary Nancy Walker said her agency is making progress in clearing these cases which reportedly numbered more than 35,000 last month. Such cases began to accumulate over the course of the coronavirus outbreak.

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Wisconsin’s Labor Force Participation Rate Lower than the Worst Days of the Pandemic

M.D. Kittle

In his state of the state address last month, Gov. Tony Evers boasted about Wisconsin’s low unemployment rate. What the Democrat failed to mention is Wisconsin’s dismal labor participation rate, a number that underscores one of the biggest economic challenges facing Badger State businesses. 

“Our labor force participation rate is worse today than it was at the bottom point of COVID when our economy was shut down,” said Scott Manley, Executive Vice President of Government Relations for Wisconsin Manufacturers & Commerce. 

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Arizona Saw Continued Job Growth in October

The Center Square

Arizona had a rise in both employment and unemployment last month.

Arizona added 7,300 nonfarm jobs in October, a 0.24% increase in the state’s labor force participation. However, the state’s unemployment rate rose by 0.2% to 3.9%. It marked the fourth consecutive month where the state’s unemployment rate rose. Arizona’s rise in unemployment is due to a rising labor force participation rate. Since May, the state’s unemployment rate has increased from 3.2% to 3.9%, according to Common Sense Institute Arizona. 

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Labor Market Remains Tight as Unemployment Ticks Up

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The U.S. added 315,000 jobs in August, as unemployment rose slightly to 3.7%, according to data released by the Department of Labor Friday.

The number of unemployed people rose by 344,000 to 6 million, an increase of 0.2 percentage points from July, accordingto the Bureau of Labor Statistics data. A survey of economists conducted by The Wall Street Journal in advance of the report’s release estimated that 318,000 jobs would be added and that unemployment would remain around 3.5%.

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Florida’s Job Growth Continues Surge as Unemployment Rate Hits Historic Low

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Florida’s job growth continued to surge in July while its unemployment rate also dropped to an historic low 2.7%.

“Florida continues to outperform the nation because freedom first policies work,” Gov. Ron DeSantis said. “July’s job numbers represent one of the largest month’s job gains over the past generation and Florida continues to outpace the nation in labor force growth.”

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Report: Georgia Ranks Highly for Workers Quitting Their Jobs Despite Low Unemployment Rate

The Center Square

Georgia ranked among the states with the highest number of workers quitting their jobs, even as state officials tout the lowest unemployment rate on record.

A new analysis from WalletHub found that The Peach State ranked fifth as the state with the highest resignation rate, with nearly 3.9% leaving their jobs over the past 12 months. Nationally, Alaska topped the list, ahead of Montana, Wyoming and Florida.

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Commentary: Historical Recession Signals Are Flashing Red

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Unemployment insurance continuing claims increased by 122,000 on a non-seasonally adjusted basis from July 2 to July 9 to 1.45 million, the latest U.S. Department of Labor data shows, as multiple historical recession signals are flashing red.

The number comes as initial unemployment claims have continued ticking upward on both on a seasonally adjusted basis. Since mid-March, when weekly claims hit a low of 166,000, now they are up over 251,000.

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Pennsylvania IFO Study: Labor Force Down by 120,000 Since Year Before COVID

Bradley Vasoli

A report released this week by Pennsylvania’s Independent Fiscal Office (IFO) indicates that 120,000 fewer residents are working or actively seeking work than in the year before the COVID-19 pandemic hit.

The study showed the state’s labor force participate rate (LFPR) for those aged 16 and older to be 63 percent in May 2019 and to have declined to 61.9 percent one year later. That percentage has continued gradually decreasing — to 61.8 percent in May 2021 and to 61.7 percent two months ago.

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‘We’ve Lost Several Hundred Jobs a Day’: Economist Finds Red Flags in Biden’s Positive Jobs Report

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Although Friday’s jobs report seemed like good news for a beleaguered economy and President Joe Biden, the report’s potential methodological issue as well as the economy’s negative growth indicate a recession is still on the horizon, according to an economist at The Heritage Foundation.

The U.S. Bureau of Labour Statistics’ job report for June, released on Friday, soothed some fears that the U.S. economy might be approaching a recession. However, negative GDP growth, rampant inflation and methodological issues within the report indicate that a recession is looming, according to E.J. Antoni, a research fellow for regional economics at The Heritage Foundation.

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Georgia Unemployment Rate at Record Low

Addison Basurto

Georgia Department of Labor Commissioner Mark Butler announced on Thursday that the unemployment rate for the Peach State in May dipped to an all-time low of three percent as the number of jobs peaked at 4,782,400.

“As the state continues to experience a very tight labor market, as evidenced by our low unemployment rate, our focus has been on encouraging more individuals to re-enter the workforce,” Butler said. “Unless those who have chosen not work decide they want to re-enter the workforce or more people move into the state, additional workers will be scarce.”

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Only One Tennessee County Had Unemployment Rate Higher than Five Percent in April

Kaitlin Housler

Only one Tennessee county had an unemployment rate above 5% during the month of April, according to newly released data from the Department of Labor and Workforce Development.

Perry County was the only county with a rate above 5%, coming in at 5.1%. Although coming in with the highest rate for April, Perry County was down 0.1 of a percentage point from its March rate of 5.2% 

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Whitmer Touts Job Numbers While Analyst Criticizes Corporate Welfare

The Center Square

Gov. Gretchen Whitmer and one economic analyst agree that Michigan needs more workers but disagree on the proper strategies necessary to acquire them.

John Mozena, president of the Center for Economic Accountability, a nonprofit organization for transparent economic development policy, questioned Whitmer’s “doubling down” on big business subsidies while many businesses need workers. There are about 10 million Michiganders but, as of January 2021, only 4.7 million are in the workforce.

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‘Signs of Slowing’: Unemployment Remains Unchanged as Economists Predict Dim Future

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The U.S. economy added 428,000 jobs in April while the unemployment rate was unchanged at 3.6%, according to Department of Labor data released Friday.

The number of unemployed people remained even at about 5.9 million, according to the Bureau of Labor Statistics (BLS) report. Economists projected 400,000 Americans would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.

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Reports: As Inflation Rose in 2021, So Did Americans’ Credit Card Debt

The Center Square

As inflation rose last year to a 40-year high, Americans’ credit card debt also soared, according to analyses published by the personal-finance website WalletHub.

In its Credit Card Debt study, Wallethub found that consumers racked up $87.3 billion in new debt in 2021. During the fourth quarter of 2021, debt increased by $74.1 billion, the largest increase ever reported, Wallethub notes. It was also a 63% larger increase than the post-Great Recession average for a fourth quarter.

By the end of 2021, the average household credit card balance was $8,590. “That’s $2,642 below WalletHub’s projected breaking point,” the report states.

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