A sort of sector rotation of layoffs, and it’s not a good sign, even as millions of lower-wage workers are being hired back.
27 million people still on unemployment rolls, or 16.9% of Labor Force. Initial claims under state and federal PUA programs tick up to 1.43 million in the week (not seasonally adjusted).
Number of people who newly lost their work and filed for initial state or federal UI in the week jumped to 1.43 million. A rate of 6 million a month.
During the week, 1.32 million newly-out-of-work people filed for state or federal unemployment insurance. A huge number of job losses. But more people returned to work.
45 million people have been furloughed in Germany, the UK, France, Italy, and Spain, but the “unemployment” rate barely budged. Creating government-subsidized zombie companies & zombie jobs?
Some people returned to work, but 1.64 million newly-out-of-work people filed for state or federal unemployment insurance. Labor market at essentially the same level of terribleness for months.
I get tired of lazy reporters or lazily programmed bots who don’t read beyond the 2nd paragraph of Labor Department press releases.
Torrent of 2.4 million new claims under state & federal programs. PUA claims by gig workers now 45% of total unemployment. Many people are hired back, but many are newly laid off. Labor market recovery remains hard to discern.
Claims by gig workers under federal PUA program soar, now 44% of total unemployment claims. Where’s the “V-Shaped” recovery of the labor market?
One Purchasing Managers Index said services fell further in June, but more slowly; the other said activity started climbing out of the hole. Both agree: Jobs dropped further.