US Jobless Claims Plunge to 187,000, Lowest Since September 2022

[dgordo]

US Jobless Claims Plunge to 187,000, Lowest Since September 2022

Initial applications for US unemployment benefits unexpectedly dropped last week to the lowest level in more than a year, underscoring the resilience of the labor market to start the year.

www.bloomberg.com

 

[St. Louis Hawk]

Thanks Brandon!

I may have to have to adjust my 3 and 5 year outlook downward because this is horrible news.

 

[fredjr82]

Here come the people getting overly specific data just to find something bad to talk about. "Well, women between 18-25 born during the summer months and like playing basketball show lower consumer confidence! THE ECONOMY IS COLLAPSING AND HUNTER SHOULD BE IMPEACHED!!!"

Let's get this out of the way before @Finance85 shows up in this thread

 

[McLovin32]

 

[MitchLL]

Biden's old.

 

[tarheelbybirth]

BORDER CRISIS!!!!

 

[DogBoyRy]

US Jobless Claims Plunge to 187,000, Lowest Since September 2022

Initial applications for US unemployment benefits unexpectedly dropped last week to the lowest level in more than a year, underscoring the resilience of the labor market to start the year.

www.bloomberg.com

How many were govmt?

 

[MitchLL]

How many were govmt?

You know what?

Govt employees pay taxes just like everyone else.

I see no negatives here.

But you do you!

 

[srams21]

How many were govmt?

This article is talking about unemployment claims, not jobs added. Not sure what your question is or how it applies here. You might want to try reading.

 

[MitchLL]

This article is talking about unemployment claims, not jobs added. Not sure what your question is or how it applies here. You might want to try reading.

Above his pay grade.

 

[DogBoyRy]

This article is talking about unemployment claims, not jobs added. Not sure what your question is or how it applies here. You might want to try reading.

Any gov’t cuts?

 

[seminole97]

You know what?
Govt employees pay taxes just like everyone else.

Not really.

the community is inevitably divided into taxpayers and tax-consumers, who, of course, cannot be said to pay taxes at all. … In short, government bureaucrats do not pay taxes; they consume the tax proceeds. If a private citizen earning $10,000 income pays $2,000 in taxes, the bureaucrat earning $10,000 does not really pay $2,000 in taxes also; that he supposedly does is simply a bookkeeping fiction. He is actually acquiring an income of $8,000 and paying no taxes at all.

 

[seminole97]

Any gov’t cuts?

Government-funded jobs are not drivers of growth. They are obstacles to growth, as stated by Ludwig von Mises:

“...there is need to emphasize the truism that a government can spend or invest only what it takes away from its citizens and that its additional spending and investment curtails the citizens' spending and investment to the full extent of its quantity.”

Looking at month-to-month job growth since 2021, the graph shows government jobs as a percentage of all new job growth (according to the establishment survey.) This has accelerated over the past six months as government job growth has comprised from 21 percent to 58 percent over that period. Indeed, over the past year, from December 2022 to December 2023, private sector jobs grew at half the pace of government jobs, with private sector payrolls rising 1.5%. During that time, government payrolls increased 3 percent.



The relationship between government jobs and private sector jobs also can also indicate approaching recessions in many cases.

Here is a graph that shows year-over-year growth in private sector jobs (gray) and government jobs (red), each as a proportion of all job growth. We can see how in numerous cases, the portion of all jobs that is private tends to deteriorate as recessions approach.For example, as the 1991-1992 recession, approached, we see that new government jobs became a larger and larger share of all new jobs during 1990 and 1991.


Government jobs made up about 20 percent of all new job growth in early 1990, but by December of that year, government jobs has provided about half of all new job growth. We can clearly see a similar trend with the lead up to the great recession: private-sector jobs began to collapse as early as late 2006 even though government job creation continued to buoy overall job growth in that period.



During times of strong economic growth, we find that government jobs rarely comprise more than twenty percent of all new jobs.

Since September of this year, however, government jobs has taken up more than twenty percent of all new jobs in each month. In December, government jobs reached 24.9 percent of all new jobs.

That's the largest proportion since the covid panic in March 2020.



Daniel Lacalle has said that the United States is in the midst of a "private sector recession." What he means is aggregate numbers can still show good economic trends—such as job growth—while the private sector is stagnating or shrinking. That is, if government spending and government job creation is robust enough, it will mask private sector weakness in the aggregate statistics.

 

[KFsdisciple]

US Jobless Claims Plunge to 187,000, Lowest Since September 2022

Initial applications for US unemployment benefits unexpectedly dropped last week to the lowest level in more than a year, underscoring the resilience of the labor market to start the year.

www.bloomberg.com

Well Americans are needing 2 and 3 jobs to fight the bidenomics inflation. Makes sense jobless claims are down.

 

[Finance85]

Let's get this out of the way before @Finance85 shows up in this thread

Let me know when I post something that's not factual on this topic. In fact, nearly all of my posts on this topic are based on information taken directly from the Department of Labor website.

 

[srams21]

Any gov’t cuts?

I don't know. If you want to know information, click the link and try reading. This advice has already been suggested to you.