Jobless claims bump up to 264K which is 22K higher then the previous week. The numbers are the highest since November of 2021. Changing economy and changing nature of jobs might be at work. Watching the unemployment rate gives us an opportunity to see the happenings of the labor market as a general resource and input of the economy.
What these numbers indicate is a slowing but it appears the market is relatively still healthy. There will likely be some adjustments in the markets as the economy heads to a new normal. No one has defined what that new normal looks like yet but eventually it will find an average.
It should be remembered that the economy is different now and COVID pushed the system 10 years forward in digital and remote development. Likewise, jobs will be shifting so we should expect the unemployment rates to flux during those transitions.
An article by Mike Ott did a good job of explaining what happened, 'US jobless claims filings highest since 2021, but job market remains healthy'
Reference:
Ott, Mike (May 11th, 2023). 'US jobless claims filings highest since 2021, but job market remains healthy'. The Hill. https://thehill.com/homenews/ap/ap-business/more-americans-file-for-jobless-claims-but-job-market-remains-healthy/
No comments:
Post a Comment