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January 1, Layoffs Loom as Unemployment Applications Spike, Is Economic Deterioration Inevitable?
Initial applications for US unemployment benefits saw a significant increase last week, potentially indicating a surge in layoffs. This adds to existing concerns that the American economy might be deteriorating.
First-time claims rose by 13,000 to 242,000 in the week ended June, after witnessing similar increments in each of the two prior weeks. This brought claims to their highest level since August 2023, as revealed by the Labor Department data released on Thursday. The median forecast in an Econoday survey of analysts was only 222,000.
Notably, initial claims serve as a proxy for layoffs. The consistent three-week rise in claims suggests that companies might be cutting down on their headcounts, particularly as the economy appears to have slowed down in recent months.
Moreover, continuing claims, reported with a one-week delay, escalated by 30,000 to 1.82 million. This increase implies that workers who have lost their jobs are now facing greater difficulty in securing new positions.
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DWP
June 19, 2024 at 7:12 pm
Layoffs and guess who will replace them when things get better? Most likely the illegal immigrants.
Purple sky
June 19, 2024 at 7:23 pm
But China Joe says the economy is doing great….. pathological liar in chief.
Alfred Howard
June 19, 2024 at 7:50 pm
Did anyone expect different. Zerobama stated that he wanted to make the US a third world country. And his puppet, Jerky Joe is continuing that plan. When Beiden is out of office, he should be tried for his illegal relationship with China.
Filmaker
June 19, 2024 at 10:00 pm
Don’t worry. As soon as they run out of benefits, they’ll no longer be counted among the unemployed and the numbers will go down. That’s the way the government counts them.
john
June 19, 2024 at 11:15 pm
Just like any sugar high, it’s effects wear off eventually. All of the money biden and the dems have pumped into the economy creates a temporary euphoria. When the effects wear off, as we’re seeing now, the piper needs to be paid.
LMS
June 20, 2024 at 12:07 am
The numbers aren’t even telling the true numbers because of so many people ran out of their unemployment pay. People can’t afford their rent, homes, or to even just live modestly. This country is completely F’d! Biden and his disgusting administration freak show can’t do anything right and the people of America are suffering including Fing illegals given more rights than our own citizens.