US applications for jobless benefits highest since October 2021

[BumRushDaShow]

Source: ABC News

The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021, but the labor market remains one of the healthiest parts of the U.S. economy.

The Labor Department reported Thursday that U.S. applications for jobless claims were 261,000 for the week ending June 3, an increase of 28,000 from the previous week's 233,000. Weekly jobless claims are considered representative of U.S. layoffs. The four-week moving average of claims, which evens out some of the weekly variations, rose by 7,500 to 237,250.

Despite last week’s sharp increase in filings for unemployment aid, some analysts cautioned against concluding that layoffs are picking up across the economy. They noted that the weekly figures are prone to revision and that last week’s numbers might have been distorted by the three-day Memorial Day weekend.

“The latest reading reflects a holiday-shortened week (Memorial Day), which ought to raise suspicions that the big move was more noise than signal,” said Stephen Stanley, chief U.S. economist for Santander. “I am eager to see next week’s reading before I draw any conclusions.”

Read more: https://abcnews.go.com/Business/wireStory/us-applications-jobless-benefits-highest-october-2021-99929088

[JustAnotherGen]

1. I wonder if they are noting

The occupations? Tech and Big Data IT focused developers are taking massive hits.

[BumRushDaShow]

2. But then the hospitality/leisure

has been hiring aroud 77,000 per month (on average) for awhile.

The tech hits are probably partly the so-far unrealized "AI" (including that "Metaverse" stuff) and a ramp down from supporting all the work- and school-from-home functions that exploded during the pandemic, that are in a slow reversal. It won't all go away but there was a realization that many white collar/office-based companies found themselves staring at large metroplex buildings and towers with empty offices that they were still paying rent for.

[mahatmakanejeeves]

5. They don't break it down like that. That's a ten-page report. Got it riiiiiiiiiight here.

https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20231287.pdf

[JustAnotherGen]

11. Page 8

I'm in the tri-state area - info tech. My linked in has a lot of these folks putting up Open to Work.

[mahatmakanejeeves]

12. Yes, you are right. It's a limited recap. I can't make it format correctly, quickly.

UNADJUSTED INITIAL CLAIMS FOR WEEK ENDED MAY 27, 2023
STATES WITH AN INCREASE OF MORE THAN 1,000
State Change
OH +2,159
TX +1,229
NY +1,177
IL +1,117
State Supplied Comment
Layoffs in the manufacturing, automobile, and transportation and warehousing industries.
Layoffs in the transportation and warehousing and accommodation and food services industries.
Layoffs in the accommodation and food services, information, and construction industries.
Layoffs in the manufacturing, construction, wholesale trade, and retail trade industries.

And good evening, however hazy it is where you are.

[progree]

3. Graphs at

Graphs at   https://www.dol.gov/ui/data.pdf
of both initial claims and continuing claims aka insured employment.

Quite a step-up on the initial claims on the graph. But like the OP says, that may have been distorted by the 3 day Memorial Weekend.

REVISIONS of the previous week: initial claims were revised up 1,000 while continuing claims were revised down 1,000, so not much either way.

[mahatmakanejeeves]

4. Thanks. I've been busy all day. The people who pay me expect me to "work" for them in return.

"What got into them?" I'd like to know.

And good but hazy afternoon.

[BumRushDaShow]

6. I know the feeling!

I don't have the report calendars that you guys maintain in the Economy Group and don't get chance to go in there to check, but when I see a breaking on one of those reports or am scanning a news site and see something was released, I'll try to post it if it hasn't been posted yet. I know you all are using the threads to archive that data.

[GoodRaisin]

7. More people are unemployed. Stock market response

“Yay”.

[BumRushDaShow]

8. Just heard a business report on the radio

and the "yay" is supposedly tied to reducing the chance that interest rates will be increased once again next week at the Fed meeting.

[GoodRaisin]

9. That's what it's all about.

Watching Bloomberg.

[BumRushDaShow]

10. That's the report I heard on my local CBS affiliate news station

I actually sub to Bloomberg (for the heck of it) but haven't had chance to watch their programming yet.