Elite Refuge Member
- Oct 8, 2002
- Reaction score
- Collier Co. Florida
262,000 + 248,000 = 510,000 new jobless claims in 2 weeks. Aug has the week ending Aug 13, Aug 20 and Aug 27 yet to report...Aug 11 (Reuters) -
Initial claims for state unemployment benefits rose 14,000 to a seasonally adjusted 262,000 for the week ended Aug. 6, the Labor Department said on Thursday. Economists polled by Reuters had forecast 263,000 applications for the latest week.
That's still below the 270,000-300,000 range that economists say would signal a material slowdown in the labor market.
The bigger issue is going to be wage growth. It isn't happening. It isn't increasing more than inflation. So it is causing a weak labor market. 2021 was ugly - and that was after opening back up after a world wide pandemic. 2022 has been uglier.
With consumer price increases hitting a 40-year high—now up 7 percent year-over-year—and real (inflation-adjusted) average hourly earnings falling 2.4 percent last year, pressure is mounting on employers to raise 2022 wages more than they anticipated.