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Jobless Claims Rise to 6-Month High; Job Cuts Jump 57 Percent

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  • Jobless Claims Rise to 6-Month High; Job Cuts Jump 57 Percent

    Jobless Claims Rise to 6-Month High; Job Cuts Jump 57 Percent

    FEAR NOT, people, the Economy is firing on all three cylinders and everything is hunky dory!

    The number of Americans filing initial jobless claims rose to a six-month high last week, government data show, while a separate report showed that the number of job cuts jumped 57 percent month-over-month in June, suggesting demand for labor is cooling.

    Initial filings for state unemployment benefits increased by 4,000 to a seasonally adjusted 235,000 for the week ended July 2, the Labor Department said in a July 7 report (pdf). That’s the highest level of initial claims since mid-January, while pushing the four-week moving average up to 232,500, the highest since early December 2021.

    While the numbers suggest some clouding of the job market, some analysts said they’re not yet ringing recessionary bells.

    “Jobless Claims (leading #indicator) continue to weaken, but realistically they’re back to 2018/2019 levels and aren’t suggesting #recession,” Richard Bernstein Advisors said in a post on Twitter.

    Continuing unemployment claims, which run a week behind the initial filings and reflect the total number of people receiving benefits through traditional state programs, jumped by 51,000 to 1.375 million.

    The first to state his case seems right until another comes and cross-examines him.

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