Inside the jobs numbers, you will note the areas where consumer spending contraction first hits: retail, luxury, leisure and hospitality, is the area where November employment was flat or jobs were lost. DUH!…
Jobless Claims Dropped to 709k Last Week As Labor Market Heals Slowly…
Additionally, states reported nearly 300,000 initial claims for Pandemic Unemployment Assistance, a new category of eligibility created by the March CARES Act that provides benefits for workers sidelined by the pandemic, such as gig workers whose work dried up…
“Unprecedented” – Companies Slashed over 20 Million Jobs In April, ADP…
Given the fact that over 30 million Americans have filed for initial jobless claims in the last six weeks, it is perhaps no surprise that economists expected a 20.5 million ADP job loss in April. In fact, silver lining, the number ‘beat’ with 20.236 million. For context, the largest monthly job loss during the great […]
Best Buy Furloughing 51K Workers…
Best Buy will furlough about 51,000 hourly employees in the U.S. due to the coronavirus pandemic, the retailer announced Wednesday. The electronics retailer saw a drop in sales of approximately 5 percent in the first two months of the current fiscal quarter, below the national average slide of 8.7 percent in March, Reuters reported. Some […]
Weekly Unemployment Claims Increase Another 5.245 Million…
According to the Dept of Labor [pdf HERE] another 5.245 million more Americans filed first-time claims for unemployment insurance last week (April 11), bringing the total to just over 22 million since the Wuhan Virus layoffs began. The good news is initial claims were down 1.37 million from the prior week. The largest increases in […]
Another 6.6 Million People File Unemployment Claims This Week Bringing Total in Two Weeks to 16 Million…
The news is horrific. The Dept. of Labor release today shows another whopping 6.6 million people filed for unemployment compensation last week. That brings the total over the past three weeks to over sixteen million. With 16 million people filing unemployment claims, the actual rate of unemployment is likely well into double digits [13% to […]
ADP Employment Surges in August…
ADP reports that jobs growth rebounded for the second month in a row in August, up 195k (crushing expectations of a 148k rise and above the highest analyst estimate). Bloomberg – “In August we saw a rebound in private-sector employment,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. This is the […]
U.S Weekly Jobless Claims Drop to the Lowest Level Since 1969…
The number of Americans filing applications for unemployment benefits dropped to a more than 49-year low last week, pointing to sustained labor market strength despite slowing economic growth. Initial claims for state unemployment benefits declined 10,000 to a seasonally adjusted 202,000 for the week ended March 30, the lowest level since early December 1969, the […]
ADP Employment Disappoints – No Manufacturing Jobs Gained in June…
After jumping heroically in May, ADP reported a disappointing 158k employment gain in June (188k exp.) and revised May’s exuberance notably lower (253k to 230k). While ‘soft’ survey data suggests empoloyment should be resurging, the hard numbers are disappointing again. Medium-sized firms dominated the gains (+91k vs Small firms 17k and Large firms +50k).Perhaps most […]