Initial Jobless Claims
Initial Jobless Claims 03/21 +8K at 652K
4 week MA -1K at 649K. Continuing claims +122K to a record 5.560M; 4 week MA +123K at 5.207M.
Claims data for unemployment benefits point to steady and severe erosion in the labor market.
The severity of the situation is graphically witnessed by mid month increases over the last 90 days:
Dec to Jan +342K; Jan to Feb +392K; Feb to Mar +495K.
The number of U.S. states with a jobless rate exceeding 10% almost doubled in February as the worst employment slump in the postwar era spread.
Nevada, North Carolina and Oregon last month joined the four other states that had previously climbed above 10%.
Michigan, at 12%, remained the state with the highest unemployment rate, followed by South Carolina at 11% and Oregon at 10.8%.
California and Rhode Island bring the total number of states to seven.
The jobless rates in North Carolina, at 10.7%, and Rhode Island, at 10.5%, were the highest for those states since records began in 1976.
Georgia, at 9.3%, also set a new high mark.
Payroll employment in February decreased in 49 states and the District of Columbia, led by California’s loss of 116,000 jobs.
Florida had the second-biggest drop with 49,500 workers dismissed, followed by 46,100 positions cut in Texas, 41,600 in Pennsylvania and 37,200 in Illinois.
The world’s largest economy probably lost more than 600,000 jobs in March for a fourth straight month, and the jobless rate jumped to a 25-year high of 8.5%.
Since the recession began in December 2007, the economy has lost 4.4 million jobs.
The Nattering One muses... The markets roared early this week on the latest $1 Trillion bailout of toxic debt and the housing number.
The movie Ship of Fools comes to mind...
You can't restore confidence in debt backed by housing that was and still is worth only 30% of the bogus overinflated value.
You can't rebuild an economy on illusory blips in housing sales or false stock market dead cat bounces.
Bennie & The Ink Jets sez: "Unemployment could reach 10%, for a period." Oh yes Bennie, that period could be indefinite until...
As we explained here: The housing price/rent/wage ratio returns to 3.5 or lower AND approximately 5 MILLION or more outsourced durable economic jobs are repatriated...
We state again, CUT AND BAIL ALL YOU WANT, NO AMOUNT OF MONEY, NO ONE and NOTHING can stop this trainwreck.
Get your popcorn and take a seat for this horror show. And do pick a comfortable seat, because its going to be a very, very long show.
4 week MA -1K at 649K. Continuing claims +122K to a record 5.560M; 4 week MA +123K at 5.207M.
Claims data for unemployment benefits point to steady and severe erosion in the labor market.
The severity of the situation is graphically witnessed by mid month increases over the last 90 days:
Dec to Jan +342K; Jan to Feb +392K; Feb to Mar +495K.
The number of U.S. states with a jobless rate exceeding 10% almost doubled in February as the worst employment slump in the postwar era spread.
Nevada, North Carolina and Oregon last month joined the four other states that had previously climbed above 10%.
Michigan, at 12%, remained the state with the highest unemployment rate, followed by South Carolina at 11% and Oregon at 10.8%.
California and Rhode Island bring the total number of states to seven.
The jobless rates in North Carolina, at 10.7%, and Rhode Island, at 10.5%, were the highest for those states since records began in 1976.
Georgia, at 9.3%, also set a new high mark.
Payroll employment in February decreased in 49 states and the District of Columbia, led by California’s loss of 116,000 jobs.
Florida had the second-biggest drop with 49,500 workers dismissed, followed by 46,100 positions cut in Texas, 41,600 in Pennsylvania and 37,200 in Illinois.
The world’s largest economy probably lost more than 600,000 jobs in March for a fourth straight month, and the jobless rate jumped to a 25-year high of 8.5%.
Since the recession began in December 2007, the economy has lost 4.4 million jobs.
The Nattering One muses... The markets roared early this week on the latest $1 Trillion bailout of toxic debt and the housing number.
The movie Ship of Fools comes to mind...
You can't restore confidence in debt backed by housing that was and still is worth only 30% of the bogus overinflated value.
You can't rebuild an economy on illusory blips in housing sales or false stock market dead cat bounces.
Bennie & The Ink Jets sez: "Unemployment could reach 10%, for a period." Oh yes Bennie, that period could be indefinite until...
As we explained here: The housing price/rent/wage ratio returns to 3.5 or lower AND approximately 5 MILLION or more outsourced durable economic jobs are repatriated...
We state again, CUT AND BAIL ALL YOU WANT, NO AMOUNT OF MONEY, NO ONE and NOTHING can stop this trainwreck.
Get your popcorn and take a seat for this horror show. And do pick a comfortable seat, because its going to be a very, very long show.
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