From Zacks reproduced by Townhall
Today’s weekly jobless claims showed a sharp increase of 38,000 in new claims to 368,000. This compares to last week’s 330K, and estimates of 350K for this report. Continuing claims also grew, adding another 22,000 to that list. ……
Interestingly enough, today’s Challenger Job-Cut Report showed a relatively low number of announced layoffs (40,430 vs. last year at this time of 53,556), suggesting the four-week average in the report above is the better barometer to look at regarding the jobs picture.
Attention however will quickly shift to tomorrow’s Employment Situation report where the government will release the number of new jobs created for both the public and private sector. Yesterday’s impressive ADP estimate of 192,000 private sector jobs created has raised expectations for tomorrow’s official reading. At the moment, the consensus for the BLS report tomorrow is for 185,000 new private payroll additions.
Better than last year? Well, when you have fewer people to layoff, fewer people will be laid off. It’s really not that hard to figure out.
Barry Zero the anti-Reagan. Not since the days of Carter have we seen labor participation this low.