ECON Jobless Claims Unexpectedly Jump to 744,000, Much Worse Than Expected

Dennis Olson

Chief Curmudgeon
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www.breitbart.com/economy/2021/04/08/jobless-claims-unexpectedly-jump-to-744000-much-worse-than-expected/

Jobless Claims Unexpectedly Jump to 744,000, Much Worse Than Expected
John Carney2-3 minutes 4/8/2021

New weekly jobless claims rose to 744,000 for the week that ended April 3rd, the Department of Labor said Thursday.

Economists had forecast a decline to 680,000 from the previous week’s 719,000. This is the second consecutive week in which initial jobless claims moved up in contradiction to expectations. The upper end of the range of forecasts in the Econoday survey was 705,000.

Jobless claims can be volatile week to week so economists like to look at the four-week average. This rose by 2,500 to 723,750.

Continuing claims, which get reported with a week’s lag, fell to 3,734,000, a decrease of 16,000, in the week ended March 27.

Including new programs for gig workers and small business owners, the total number of continued weeks claimed for benefits in all programs for the week ending March 20—the most recent data available—was18,164,588, a decrease of just 50,862 from the previous week.

Claims hit a record 6.87 million for the week of March 27, more than ten times the previous record. Through spring and early summer, each subsequent week had seen claims decline. But in late July, the labor market appeared to stall and claims hovered around one million throughout August, a level so high it was never recorded before the pandemic struck. Claims moved down again in September and had made slow, if steady, progress until the election and the resurgence of Covid-19 infections when they rose again. In the last few weeks, however, claims have once again been moving steadily downward.

Many states eased or eliminated restrictions on businesses, including restaurants and bars, in March. Forty-three states are now mostly open. This has led to a surge of economic activity. As well, the American Rescue Act authorized $1.9 trillion of stimulus money, although only a small fraction of that has been spent so far.

But infections have recently been rising, which could be a drag on workers seeking employment and hiring.
 

Kathy in FL

TB Fanatic
Yeah, I wondered how everyone was saying that the numbers were coming down. That wasn't anecdotally true so I was waiting to see the reported numbers. Expect this sort of thing to get worse. Especially if they start totting out all the extra unemployment programs.
 

Zahra

Veteran Member
Help wanted signs are everywhere around here, but businesses aren't able to find people wanting to have jobs. Between the stimulus money, expanded unemployment benefits, and the expectation of getting at least $15 an hour for entry level unskilled jobs, employers of all sorts are suffering a worker shortage.
 

Knoxville's Joker

Veteran Member
Help wanted signs are everywhere around here, but businesses aren't able to find people wanting to have jobs. Between the stimulus money, expanded unemployment benefits, and the expectation of getting at least $15 an hour for entry level unskilled jobs, employers of all sorts are suffering a worker shortage.
I can see a steep backing off on the 15/hr thing and unemployment after employers start telling reps they get no more money until they back off and stop some of this insanity.
 

West

Senior nut
Penalize the employers some more! Let's see what happens when they get their $15 hr mandate.

That in reality (for those that don't know) employers will have to pay at minimum $30 a hr. to keep a employee on payroll at $15hr!

Embrace the suck MFs!
 

desert_fox

Senior Member
Inflation is happening. Unfortunately a family can barely make it at $15/hr anymore. Makes it easier to be on the government dole.
 
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Meemur

Voice on the Prairie
Lots of help wanted signs here, too, but there's a ton of part time positions. One has to stitch two of those together for any chance at a living wage.
 

TKO

Veteran Member
Inflation is happening. Unfortunately a family can barely make it at $15/hr anymore. Makes it easier to be on the government dole.
I used to live in Michigan. Tons of folks up in the UP are on the dole. They like to make income and then hunt and snowmobile when they don't want to work. It's kind of like living like an illegal. Make cash on the side and get the fed paychecks and snap cards. Life is good. Most illegals around here drive brand new F150s or F250s. They have better cars than I do. The Muslims here are all drive Beamers or Infinitys. Chinese here drive Honda. Sikhs here all drive Accords. Any kind of ghastly temple you can think is going up in my city now. No problems with foreigner income. Just American.
 

Cardinal

Snark: a higher form of communication
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Inflation is happening. Unfortunately a family can barely make it at $15/hr anymore. Makes it easier to be on the government dole.
15.00 an hour was never meant for 'families to make it.'
That is for high school kids and elderly supplementing their SS checks.
 

Dobbin

Faithful Steed
Is it possible that a bunch of people decided to join the workforce?
Um the claims are those who decide NOT to join the workforce.

Why bother? Stay home, get a stimulus check, continue video-game showing right wing terrorists taking over the US Capital Building.

Work is SUCH a downer.

Meanwhile Bidenzuela is getting stronger, government finds more willing to get on their dole, and China is more than happy to pick up the production slack - as long as the US prostrates itself financially ahead of them.

Dobbin
 
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Intestinal Fortitude

encouraging others
there are so many jobs available and businesses are opening here in the USA that
millions are literally pouring across the border
to become millionaires /sarc
 
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desert_fox

Senior Member
15.00 an hour was never meant for 'families to make it.'
That is for high school kids and elderly supplementing their SS checks.
Minimum wage is for high school kids, $15/hr was decent pay not too long ago (depending on location). Don't be surprised when 20-25/hr will not be enough for anybody.
 

Blacknarwhal

President-Elect
I was out picking up some Culver's for dinner tonight. I drove past the Applebee's to get there, and a sign about three feet high by seven feet wide was out front. It read, in huge colorful letters:

HELP WANTED
COOKS $12 / HR
FREE COLLEGE

That's what it read. And I'm like, you can't be serious.
 

TKO

Veteran Member
I was out picking up some Culver's for dinner tonight. I drove past the Applebee's to get there, and a sign about three feet high by seven feet wide was out front. It read, in huge colorful letters:

HELP WANTED
COOKS $12 / HR
FREE COLLEGE

That's what it read. And I'm like, you can't be serious.
If you can get snap cards and welfare, then $12/hr is good money.
 

Squid

Veteran Member
Inflation is happening. Unfortunately a family can barely make it at $15/hr anymore. Makes it easier to be on the government dole.
Maybe not, but a high school student or college weenie living at mom and dads can sure make a lot of scratch if they put the game controller down for a minute.
 
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