Jobless Claims Surge Past 400,000, Far Higher Than Economists’ Expectations

The number of Americans filing new unemployment claims increased to 419,000 last week as the economy continues its recovery from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a large increase in the number of new jobless claims compared to the week ending July 10, when 368,000 new jobless claims were reported. That number was revised up from the 360,000 jobless claims initially reported last week.

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Inflation Spikes Again, Marks Quickest Increase in 13 Years

Inflation surged 5.4% over the 12-month period ending in June, the quickest spike since August 2008, a Department of Labor report showed.

The consumer price index (CPI) increased 0.9% between May and June, according to the Labor Department report released Tuesday morning. Economists projected the report would show that CPI ticked up 4.7% between July 2020 and June, The Wall Street Journal reported.

“We’re in a transitional phase right now,” Joel Naroff, the chief economist at Naroff Economics, told the WSJ. “We are transitioning to a higher period of inflation and interest rates than we’ve had over the last 20 years.”

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Jobless Claims Increase to 373,000, Above Economists’ Predictions

The number of Americans filing new unemployment claims increased to 373,000 last week as the economy continues to recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a slight increase in the number of new jobless claims compared to the week ending June 26, when 371,000 new jobless claims were reported. That number was revised up from the 364,000 jobless claims initially reported last week.

Economists expected Thursday’s jobless claims number to come in around 350,000, The Wall Street Journal reported.

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Commentary: As President Biden’s Deputy Secretary of Labor, Julie Su Would Take California’s Small-Business Nightmare National

Last Thursday, Senate Majority Leader Chuck Schumer filed cloture on the nomination of Julie Su, California’s top labor official, to become President Joe Biden’s deputy secretary of labor.

Su’s confirmation vote will likely occur soon after the Independence Day Senate recess. That’s bad news.

After all, Su leads California’s Labor and Workforce Development Agency, presiding over one of the most anti-small business regimes in the country. If confirmed as second-in-command at the Department of Labor, she would use her position to expand California’s war on small businesses nationwide. On behalf of their small business constituents, Senators must oppose Su’s confirmation.

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Just 14 States Had Positive Job Growth in May

Just 14 states saw positive employment growth between April and May while the majority of the growth was concentrated in a handful of states, according to the Department of Labor.

Fourteen states led by California, Florida and Texas experienced significant job growth, 35 states experienced stagnant job growth and Wyoming saw a decline in employment last month, according to a Department of Labor report released Wednesday. Overall, the unemployment rates in 21 states decreased between April and May while every state’s employment improved compared to May 2020.

While the U.S. continues to report increased job growth, the report showed that the vast majority of the growth has come from about a dozen states.

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Inflation Surges Five Percent, Largest Spike Since 2008

The Consumer Price Index has increased 5% over the last 12 months, the fastest pace of inflation since August 2008, according to a Department of Labor report.

The Consumer Price Index (CPI), a common tool used to measure inflation, increased 0.6% between April and May, according to the Labor Department report released Thursday morning. Economists projected that the CPI increased by 0.5% and 4.7% over the 12-month period ending in May, according to The Wall Street Journal.

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Gov. Whitmer Signs Executive Directive to Expand High-Speed Internet; Won’t Tell Price Tag

Gov. Gretchen Whitmer has issued Executive Directive 2021-02, which will establish the Michigan High-Speed Internet Office (MIHI) with the intent of improving costs and access to high-speed internet.

The governor pointed to the ongoing pandemic as the precipitating event that necessitated the order.

“COVID-19 has only confirmed how the lack of high-speed internet access can cause too many Michiganders to struggle in their ability to engage in online learning, to use telemedicine to seek needed healthcare, to search for a new job or to take advantage of all the online resources,” Whitmer said in a statement. “A fully connected Michigan is essential for our state to reach its economic potential in the 21st century global economy.”

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Jobless Claims Hit New Pandemic Low, Drop to 473,000

Photo “Unemployment Insurance Claims Office” by Bytemarks. CC BY 2.0.

The number of Americans filing new unemployment claims dropped to 473,000 last week as the economy continues to slowly recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending May 1, when 507,000 new jobless claims were reported. That number was revised up from the 498,000 jobless claims initially reported last week.

Economists expected Thursday’s jobless claims number to come in at 500,000, The Wall Street Journal reported.

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New Federal Data Signals More Trouble for U.S. Economy

New data from the Bureau of Labor Statistics reports that prices for consumer goods have risen significantly in the past year, putting extra strain on Americans’ budgets and worrying experts.

As the Biden administration fends off criticism over proposed tax increases, higher spending and rising inflation, BLS released data Wednesday showing the biggest increase in consumer prices in over a decade. Those price increases point to a spike in inflation, experts say.

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Consumer Prices Increase 4.2 Percent to the Highest Level Since 2008

The consumer price index has jumped 4.2% over the last 12 months, the fastest pace of inflation since 2008, according to a Department of Labor report.

The consumer price index (CPI) increased 0.8% between March and April, according to the Labor Department report released Wednesday morning. Economists projected that the CPI increased by 0.2% last month and 3.6% over the 12-month period ending in April, according to The Wall Street Journal.

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U.S. Added Just 266,000 Jobs in April, Far Below Expectations

Worker in restaurant kitchen

The U.S. economy reported an increase of 266,000 jobs in April and the unemployment rate rose slightly to 6.1%, according to Department of Labor data released Friday.

Total non-farm payroll employment increased by 266,000 in April, according to the Bureau of Labor Statistics (BLS) report, and the number of unemployed persons ticked up to 9.8 million. Economists projected a million Americans would be added to payrolls prior to Friday’s report, according to The Wall Street Journal.

“The pieces are really coming together for a burst in activity,” Sarah House, senior economist for Wells Fargo’s Corporate and Investment Bank, told the WSJ. “We’re expecting to see the labor market recovery shift into an even faster gear with the April jobs report.”

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Jobless Claims Fall to 553,000, Hit New Pandemic Low

Unemployment sign

The number of Americans filing new unemployment claims dropped to 553,000 last week as the economy continues to recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending April 17, when 566,000 new jobless claims were reported. That number was revised up from the 547,000 jobless claims initially reported last week.

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Jobless Claims Increase to 719,000 as Recovery Continues

Unemployment sign

The number of Americans filing new unemployment claims increased to 719,000 last week, even as the economy continues to slowly recover from the coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented an increase in the number of new jobless claims compared to the week ending March 20, when 658,000 new jobless claims were reported. That number was revised down from the 684,000 jobless claims initially reported last week.

Roughly 18.2 million Americans continue to collect unemployment benefits, according to the report.

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New Jobless Claims Increase to 770,000, Above Economist Projections

The number of Americans filing new unemployment claims increased to 770,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented an increase in the number of new jobless claims compared to the week ending March 6, when 725,000 new jobless claims were reported. That number was revised up from the 712,000 jobless claims initially reported last week.

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U.S. Added 379,000 Jobs in February, Unemployment Rate Fell to 6.2 Percent

The U.S. economy reported an increase of 379,000 jobs in February while the unemployment rate fell to 6.2%, according to Department of Labor data released Friday.

Total non-farm payroll employment increased by 379,000 in February, according to the Bureau of Labor Statistics (BLS) report, and the number of unemployed persons fell slightly to 10 million. Economists projected 210,000 Americans to be added to payrolls and the unemployment rate to increase to hold at 6.3% prior to Friday’s report, according to The Wall Street Journal.

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New Jobless Claims Increase Slightly to 745,000

The number of Americans filing new unemployment claims increased slightly to 745,000 last week as the economy continued to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented an increase in the number of new jobless claims compared to the week ending Feb. 20, in which there were 736,000 new jobless claims reported. That number was revised up from the 730,000 jobless claims initially reported last week.

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Bernie Sanders Wants to be Joe Biden’s Labor Secretary According to Report

Vermont Sen. Bernie Sanders is reportedly making a push to be nominated as labor secretary in a potential Joe Biden administration, sources told Politico.

Sanders is interested in having a position in Democratic presidential nominee Biden’s potential cabinet, an unnamed person close to the Vermont senator told Politico Thursday evening. Sanders, who was former Vice President Biden’s main rival during the 2020 Democratic primaries, has specifically expressed interest in leading the Department of Labor, according to the source.

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1.5 Million More Laid-off Workers Seek Unemployment Benefits

About 1.5 million laid-off workers applied for U.S. unemployment benefits last week, evidence that many Americans are still losing their jobs even as the economy appears to be slowly recovering with more businesses partially reopening.

The latest figure from the Labor Department marked the 10th straight weekly decline in applications for jobless aid since they peaked in mid-March when the coronavirus hit hard. Still, the pace of layoffs remains historically high.

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Commentary: Student Frustration with the Flawed Textbook Market Is Justified

Dozens of student government executives wrote a letter recently urging the Department of Labor to block a merger between two giants of the textbook industry. In May, McGraw-Hill and Cengage announced they would be pursuing a merger. As two of the five major textbook publishers that currently have 80 percent of the market, this merger would form the second-largest textbook publisher in the US.

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