Economic and jobs news thread

[weatheriscool]

Jobless claims: Another 248,000 Americans filed new claims last week
Source: Yahoo! Finance

Yahoo Finance

New weekly jobless claims unexpectedly rose last week, ending a three-week streak of improvements.

The Labor Department released its latest weekly jobless claims report Thursday at 8:30 a.m. ET. Here were the main metrics from the print compared to consensus estimates compiled by Bloomberg:

-- Initial jobless claims, week ended Feb. 12: 248,000 vs. 218,000 expected and a revised 225,000 during prior week

-- Continuing claims, week ended Feb. 5: 1.593 million vs. 1.605 million expected, and a revised 1.619 million during prior week

Jobless claims have hovered around pre-pandemic levels for months now, holding near 2019's weekly average of approximately 220,000 new claims. In February last year, jobless claims were still coming in at a weekly rate of about 800,000 as virus-related pressures weighed on the labor market.

Initial jobless claims edged higher in January around the time that Omicron cases surged to a record level in the U.S. but have started to come down since then, albeit with some choppiness. Though the virus-induced impact appeared as a brief bump higher in the weekly jobless claims data, the latest monthly jobs report showed surprising resilience. Non-farm payrolls soaring by a much greater-than-expected 467,000 in January while the labor force participation rate rose more than expected.

{snip}

Read more: https://finance.yahoo.com/news/weekly-u ... 12481.html

[R8Z]

Not news as this happened last year, but I've decided to share with you guys: a big corporation purchased the startup I was working on, most probably just for the existing customer-base to later discard half the products (this is still to be seen...). The corp is in a purchasing spree, it bough more than 5 companies in a row. The startup had a great environment at the time I've joined but since the purchase half the workers have left and the remaining are unsure as the corp has a history of outsourcing work to sweatshops, in a totally different perspective from the purchased company and the reason I've actually joined them in the first place. I am unsure about my future which makes me slightly anxious. Maybe covid/lockdown-related shit will finally splash on me soon. Damn, I really hate big corps.

[weatheriscool]

U.S. economy takes a step back in January, leading indicators show


By Jeffry Bartash

U.S. leading economic index drops 0.3% in January

The numbers: The U.S. leading economic index fell 0.3% in January owing to a surge in omicron cases, high inflation and persistent supply-chain disruptions.

The decline in the index was the first since last spring. Wall Street had expected a small increase.

The LEI is a weighted gauge of 10 indicators designed to signal business-cycle peaks and valleys.

Key details: A measure of current economic conditions rose 0.2% in January, the Conference Board said Friday. (1) The privately run company is the publisher of the report.

The so-called lagging index — a look of sorts in the rearview mirror — also rose by 0.2%.

Read more: https://www.marketwatch.com/story/u-s-e ... 1645197504

[weatheriscool]

Key inflation gauge hit 6.1% in January, highest since 1982

CHRISTOPHER RUGABER
Fri, February 25, 2022, 8:39 AM

WASHINGTON (AP) -- An inflation gauge that is closely monitored by the Federal Reserve jumped 6.1% in January compared with a year ago, the latest evidence that Americans are enduring sharp price increases that will likely worsen after Russia's invasion of Ukraine. ... The figure reported Friday by the Commerce Department was the largest year-over-year rise since 1982. Excluding volatile food and energy prices, core inflation increased 5.2% in January from a year earlier. ... Robust consumer spending has combined with widespread product and worker shortages to create the highest inflation in four decades -- a heavy burden for U.S. households, especially lower-income families faced with elevated costs for food, fuel and rent.

At the same time, consumers as a whole largely shrugged off the higher prices last month and boosted their spending 2.1% from December to January, Friday's report said, an encouraging sign for the economy and the job market. That was a sharp improvement from December, when spending fell. Americans across the income scale have been receiving pay raises and have amassed more savings than they had before the pandemic struck two years ago. That expanded pool of savings provides fuel for future spending.

Inflation, though, is expected to remain high and perhaps accelerate in the coming months, especially with Russia's invasion likely disrupting oil and gas exports. The costs of other commodities that are produced in Ukraine, such as wheat and aluminum, have also increased.

President Joe Biden said Thursday that he would do "everything I can" to keep gas prices in check. Biden did not spell out details, though he mentioned the possibility of releasing more oil from the nation's strategic reserves. He also warned that oil and gas companies "should not exploit this moment" by raising prices at the pump. ... A separate report Friday showed that orders for long-lasting factory goods rose sharply in January, led by a rise in demand for airplanes. The figures indicate that many companies are willing to invest more in industrial equipment and other goods, a sign of confidence in the economy. (1)

{snip}

Read more: https://finance.yahoo.com/news/key-infl ... 27745.html

[weatheriscool]

U.S. construction spending surges in January on homebuilding

Tue, March 1, 2022, 10:30 AM

WASHINGTON (Reuters) - U.S. construction spending surged in January, boosted by strong outlays on single-family homebuilding and private nonresidential structures. ... The Commerce Department said on Tuesday that construction spending increased 1.3%. Data for December was revised higher to show construction outlays rising 0.8% instead of 0.2% as previously reported. ... Economists polled by Reuters had forecast construction spending gaining 0.2%. Construction spending increased 8.2% on a year-on-year basis in January.

Spending on private construction projects shot up 1.5% in January. Outlays on residential construction increased 1.3%. ... Single-family homebuilding spending advanced 1.2%, while outlays on multi-family housing projects dipped 0.1%.

Despite January's jump, homebuilding remains constrained by higher prices for building materials, especially framing lumber. The United States last November nearly doubled the duties on imported Canadian softwood lumber after a review of its anti-dumping and countervailing duty orders. ... The National Association of Homebuilders said last month that building material production bottlenecks were raising construction costs and delaying projects.

Residential investment rebounded moderately in the fourth quarter after two straight quarterly declines. ... Investment in private non-residential structures like gas and oil well drilling accelerated 1.8% in January, suggesting a rebound in spending early in the first quarter. Spending on structures fell for a third straight quarter in the October-December period. ... Spending on public construction projects gained 0.6% in January. Outlays on state and local government construction projects fell 0.5%, while federal government spending soared 13.8%.

Read more: https://finance.yahoo.com/news/u-constr ... 47977.html

[caltrek]

Swamponomics: This Means War, And A Stock Market Rally?
by Andrew Moran
March 1, 2022

https://www.eurasiareview.com/01032022- ... ally-oped/

Introduction:

(Eurasia Review) After weeks of taunting, threatening, and trolling, Russian President Vladimir Putin gave the go-ahead to invade Ukraine, causing the global financial markets to drown in a sea of red ink – at least temporarily. The leading benchmark indexes sank, commodities soared, and currencies plummeted. But investors, from the institutions to the armchair traders, took advantage of the hemorrhaging and bought the dip in equities. Is this further proof that the market is irrational, or is this how the New York Stock Exchange generally functions?

Despite the crash at the Feb. 24 opening bell, stocks finished the session higher. They continued this momentum heading into the weekend, posting triple-digit gains and the best day of 2022. The Dow Jones Industrial Average soared about 800 points, the S&P 500 Index added 100 points, and the Nasdaq Composite Index surged nearly 200 points. Bonds climbed higher, with the benchmark ten-year Treasury yield up 0.028% to 2.00%. Investors were so confident, they dumped the U.S. dollar, gold, silver, and energy commodities. Even Russian stocks were up as the VanEck Russia ETF and the Direxion Daily Russia Bull 2X Shares soared 17% and 32%, respectively.

So, what happened? There are a couple of possible reasons to justify this head-spinning turnaround.

The first is that the final shoe dropped in the Ukraine-Russia saga when Moscow pulled the trigger on an invasion. The financial repercussions have been clearly outlined, and the worst is over. The war has now manufactured a calm ocean of certainty. Unless there is a nuclear conflict or the United States puts boots on the ground in Kyiv, investors’ worries have faded. Put simply, like the Mar. 23, 2020 bottom, markets are forward-looking.

The second is that participants in the equities arena are speculating that everything will be fine at home. President Joe Biden reiterated that Western sanctions are targeting the Russian economy. In other words, the Ukraine-Russia conflict will not dramatically impact the U.S. economy, except potentially on the energy front. Plus, the situation that could intensify inflation might give the Federal Reserve some pause to accelerate rate hikes, meaning the Eccles Building might move ahead with a 25-basis-point increase rather than a hefty 50-basis-point jump.

[weatheriscool]

Private payrolls rose by 475,000 in February, topping expectations: ADP

Emily McCormick · Reporter

U.S. private-sector employers brought back more jobs than expected in February as virus-related disruptions receded following the Omicron variants spread.

Private payrolls rose by 475,000 in February compared to January, ADP said Wednesday. Economists were looking for payrolls to grow by 375,000, according to Bloomberg consensus data.

February's report also came alongside a sharp upward revision to January's payrolls. In January, private sector employment rose by 509,000, ADP said in its revised monthly print. Previously, ADP reported January payrolls fell by 301,000, which would have been the first drop since December 2020.

While February's labor market data will likely capture some residual impact from the record surge in Omicron variant cases in the U.S. in January, disruptions to the demand side of the labor market have started to attenuate as new cases have come down and consumers began going back out. However, employers remain in stiff competition for talent, with demand for workers elevated as the labor force participation rate holds below pre-pandemic levels.

{snip}

Read more: https://finance.yahoo.com/news/adp-jobs ... 13111.html

[caltrek]

Food Prices — Especially Meat — are Outstripping Historical Inflation
by Amanda Perez Pintado
March 2, 2022

https://investigatemidwest.org/2022/03/ ... inflation/

Introduction:

(Investigate Midwest) Over the past 20 years, inflation on food prices has averaged about 2% per year. But, last year, inflation accelerated.

Between 2020 and 2021, inflation on food prices jumped 3.5% — an upswing of 75%, according to an analysis by the U.S. Department of Agriculture.

Meat and fish prices led the way: beef and veal rose 9.3%; pork, 8.6%; and fish and seafood, 5.4%. The new data reflects a trend of meat prices rising faster than prices for other kinds of food.

The USDA expects the high prices to continue in 2022. The inflation will likely be between 2% and 3%, the agency predicted.

[caltrek]

The One Percent Move Report for March 7, 2022

https://www.morganstanley.com/content/m ... e-20220307

(Morga Stanley) What Happened in the Markets?

• The S&P 500 declined 3.0% Monday to close at 4,201. With today's sell off, the index is now down 11.9% year to date.

• Stocks continued last week's weakness as the sell off deepened on Monday. Elevated geopolitical tensions have remained the main driver behind the downbeat sentiment of late, with most recent reports focused on the potential for the United States to ban Russian oil imports. While stocks declined on Monday, WTI oil prices reached as high as $130 this morning before closing at $120 per barrel, still rallying more than 3% on the day. Despite the large sell off in equities, interest rates were higher across the curve, with the yield curve flattening. Markets will focus on the February CPI report on Thursday, which will be the last inflation print ahead of next week's FOMC meeting.

• Nine of the 11 S&P 500 sectors were lower, with Energy (+1.6%) and Utilities (+1.3%) outperforming, while Communication Services (-3.7%) and Consumer Discretionary (-4.8%) lagged.

• Interest rates were higher across the curve, with 10-year Treasury yields closing at 1.78% as of the 4 p.m. equity market close. WTI oil closed up more than 3% to $120 per barrel, while gold nearly reached $2,000 per ounce for the first time since August 2020, up 1.4%. The U.S. dollar strengthened as measured by the US Dollar Index.

[Yuli Ban]

Brace For High Oil Prices, Inflation, And An Economic Slowdown

With Brent crude climbing steadily towards $130 per barrel, fears of an economic slowdown and even a slip into recession have reared their heads among traders, very likely reinforced by warnings of food supply troubles because of the war in Ukraine. It seems like everything is going wrong at the same time.

Oil prices soared as soon as Russia invaded Ukraine in what it euphemistically called a “special military operation” aimed at “demilitarizing” its eastern neighbor. As the conflict escalated and the West began implementing sanctions on Moscow, fears grew over potential action against Russia’s oil industry, which supplies around 7 percent of the world’s crude and is the biggest exporter of crude oil and oil products taken together.

Talks about oil sanctions marked the start of the week, and the market response was a sharper rise in oil prices. So far, nothing surprising. According to data about hedge fund buying activity in oil contracts, however, there are fears of a global economic slowdown, and while also unsurprising, this is most unwelcome.

In his weekly column on hedge funds and oil buying, Reuters’ John Kemp said the industry remained very bullish on oil, with the ratio to bearish positions at 7:1. This ratio signals that hedge funds are following recent geopolitical events in Europe closely, but they will be watching for demand destruction as oil prices remain elevated.

As oil prices rise, eventually, they tend to reach a certain point when demand destruction begins either through fuel conservation, as Reuters’ Kemp noted in his column, or simply because expensive fuels make everything else more expensive and discourage spending.

[Yuli Ban]

[caltrek]

The GOP Has Nothing to Offer on Inflation
by Jim Hightower
March 9, 2022

https://otherwords.org/the-gop-has-noth ... inflation/

Introduction:

(Other Words) Republican politicos are all over Joe Biden for failing to stop inflation. Perhaps you wonder, though, what these squawkers would do if they were in charge.

No need to wonder — just look back to 1974, when Americans were being pummeled by price spikes that topped 12 percent, nearly double what we’re enduring today. Back then, President Gerald Ford and his Republican contingent in Congress met the challenge head-on with a new magical program of economic uplift they called “WIN”: Whip Inflation Now!

But it was nothing — just a political slogan with no magic and no action behind it

...

Conclusion:

Yet, this time, Republican leaders are more surreal, not even pretending to have a solution. They’re even holding up President Biden’s Fed nominees*, who actually could do something about inflation, and will likely oppose Democratic legislation to crack down on price gouging.**

And we don’t even get a button.

* https://www.npr.org/2022/02/15/10808900 ... -inflation

**https://energycommerce.house.gov/commit ... rate-price

[caltrek]

It's Not Just Inflation - Its Price Gouging
by Lindsay Owens
March 9, 2022

https://otherwords.org/its-not-just-inf ... e-gouging/

Extract:

(Other Words) If you’ve been slammed lately by higher prices on everything from groceries to rental cars and gas prices, you’re probably wondering what on earth is behind these skyrocketing costs.

...
Four times a year, corporations are required by law to update their investors on how they’re doing in terms of sales and profits. These are called “earnings reports,” and the companies will usually hold calls with the investors to walk them through the latest report.

My organization, Groundwork Collaborative, recently got our hands on the transcripts from hundreds of these earnings calls. And you won’t believe what CEOs are boasting about.

Knowing that the current inflation frenzy is a convenient scapegoat, these companies are charging customers even more to pad their profit margins. They are just admitting it — they’re openly bragging to investors about how well it’s working.
…
And now, the conflict in Ukraine is providing yet another opportunity for oil and gas companies to pad their bottom lines. (See article linked and cited below). “It’s tragic what’s going on in Eastern Europe,” said one oil executive in late February. “But if anything, these high prices, the volatility, drive even more energy security and long-term contracting.”

Vultures Are Circling the Ukraine Crisis
by Kate Aronoff
February 25, 2022

https://newrepublic.com/article/165487/ ... as-profits

Introduction:

(The New Republic) The winners of Vladimir Putin’s cruel, imperialist war on Ukraine are few and far between. But some of them could be found on an upbeat earnings call held Thursday by Cheniere, America’s largest exporter of liquefied natural gas, or LNG, whose stock jumped 7.6 percent as markets opened just hours after Russia’s invasion began.

“It’s tragic what’s going on in Eastern Europe, and it saddens me to see the satellite images on the newscreen that we’ve all witnessed this morning,” Cheniere President and CEO Jack Fusco said, responding to JP Morgan analyst Jeremy Tonet’s question about the company’s prospects on the continent in light of the conflict. “But if anything, these high prices, the volatility, drive even more energy security and long-term contracting.”
Fusco appears to have been referring to his industry’s desire for extended gas-supply deals in Europe, which have been harder to come by as the continent begins moving away from fossil fuels. Times haven’t been too tough, though: Cheniere reported a record $15.9 billion in revenue last year. “The fact that there’s scarcity of LNG these days,” Fusco continued, “is driving more and more conversation on how to increase our infrastructure and secure long-term contracts for our European customers.”

Anatol Feygin, the company’s vice president and chief commercial officer, noted that Cheniere’s tankers are well positioned to supply Europe—“a key part of the solution going forward.” He added that the “human toll and tragedy obviously has our thoughts and prayers.”

Russia meets about a third of Europe’s energy demand. There is a real threat—not yet acted upon—that Putin could turn off the taps as retaliation for Western sanctions, or for some other reason entirely. U.S. LNG producers have already been selling more gas to Europe in recent months at elevated prices. Those prices are in part a result of Putin already constraining eastward gas flows, but also due to cold weather and surging global demand as more countries ease lockdown restrictions. For the first time ever last month, the United States exported more gas to Europe than Russia delivered to the continent via pipeline.

[weatheriscool]

Inflation sets fresh 40-year high: February CPI rises 7.9% over last year

Emily McCormick · Reporter

U.S. consumers paid more for a variety of goods and services in February compared to the prior month and year, with prices climbing across the economy amid lingering supply and demand imbalances.

The Bureau of Labor Statistics' Consumer Price Index (CPI) rose 7.9% in February compared to last year, marking the fastest annual jump since 1982. This took out January's previous 40-year high rate of 7.5%, and matched consensus economist expectations, according to Bloomberg data. ... On a month-over-month basis, consumer price increases also accelerated. The CPI rose 0.8% in February compared to January after increasing by 0.6% during the prior month.

A surge in energy prices was one of the key contributors to the latest red-hot CPI print. Even before Russia invaded Ukraine and raised concerns over global energy disruptions, oil and gas prices were on the rise, as demand for fuel oil and other energy products outstripped tight global supplies. In February, the energy index jumped 3.5% for the largest monthly rise since October. And over last year, the energy index was up 25.6%.

A further impact from the Russia-Ukraine crisis and extended jump in energy prices that has ensued will likely show up in the CPI data in March, given the invasion first began in late February. Since then, gas prices at the pump have jumped to record levels, and crude oil prices have climbed to 14-year highs and at least briefly topped $130 per barrel.

{snip}

Read more: https://finance.yahoo.com/news/consumer ... 14415.html

[caltrek]

Democrats Introduce Windfall Tax on Big Oil So Companies 'Pay a Price When They Price Gouge'
by Andrea Germanos
March 10, 2022

https://www.commondreams.org/news/2022/ ... rice-gouge

Introduction:

(Common Dreams) Congressional Democrats on Thursday introduced the bicameral Big Oil Windfall Profits Tax to target price gouging by profit-gorging fossil fuel companies amid Russian President Vladimir Putin's invasion of Ukraine.

"We need to curb profiteering by Big Oil and provide relief to Americans at the gas pump—that starts with ensuring these corporations pay a price when they price gouge."

"This is a bill to reduce gas prices and hold Big Oil accountable," declared Rep. Ro Khanna (D-Calif.), who's leading the measure in the U.S. House.

"As Russia's invasion of Ukraine sends gas prices soaring," said Khanna, "fossil fuel companies are raking in record profits. These companies have made billions and used the profits to enrich their own shareholders while average Americans are hurting at the pump."

Sen. Sheldon Whitehouse (D-R.I.) introduced the legislation in the upper chamber along with co-sponsors including Sens. Jeff Merkley (D-Ore.), Elizabeth Warren (D-Mass.), and Bernie Sanders (I-Vt.).

[caltrek]

U.S. Corporations Boost Profits with Crushing Price Hikes Blamed on Inflation
by Brett Wilkins
March 10, 2022

https://www.commondreams.org/news/2022/ ... -inflation

Introduction:

(Common Dreams) Many of the most profitable U.S. corporations are raising prices under the pretext of inflation to boost profits and shareholder returns at the expense of consumers, an analysis published Thursday revealed.

Thirty leading companies in major categories of the U.S. Bureau of Labor Statistics' Consumer Price Index (CPI)—including food, energy, commodities, healthcare and shelter—have hiked prices while collectively increasing their profits by $151 billion, according to the analysis by the watchdog group Accountable.US.

"Across nearly every single industry that is measured for price changes, we're seeing highly profitable corporations demand more money for consumer staples that families depend on without a good reason why," said Accountable.US president Kyle Herrig in a statement.

"These companies would have consumers believe they marked up prices just to keep up with outside costs," he added, "but the tens of billions in extra profits and generous giveaways to investors last year show otherwise."

caltrek's comment: As a shareholder in many corporations, it upsets me that much of this gouging will go to increase the salaries of already overcompensated high-level managers instead of being paid out as dividends. Something not examined in this article. As a human being, it upsets me that those with the lowest incomes in our society will once again suffer the most from such recent developments.

[weatheriscool]

U.S. Consumer Sentiment Sinks as Inflation Expectations Soar

-- Michigan sentiment gauge drops to 59.7, lowest since 2011
-- One-year ahead inflation expectations hit four-decade high

By Emma Kinery
March 11, 2022, 10:00 AM EST Updated on March 11, 2022, 10:08 AM EST

U.S. consumer sentiment tumbled in early March to the lowest since 2011 and year-ahead inflation expectations rose to a four-decade high in the aftermath of Russia's invasion of Ukraine.

The University of Michigan's sentiment index dropped to 59.7, from 62.8 in February, data released Friday showed. The median estimate of economists in a Bloomberg survey called for a reading of 61. Consumers expect prices to rise 5.4% over the next year, the highest reading since 1981, according to the data.

The report showed the highest-ever share of Americans expecting their finances to worsen in the coming year, evidence of the growing toll inflation is having on incomes. Prices at the grocery store and gas pump were rising even before the war, which is now making those purchases that much harder.

A gauge of current conditions decreased to 67.8 in early March, the lowest since 2009. The survey's measure of future expectations declined to 54.4, the weakest since 2011. Inflation expectations over the next five to 10 years held at 3%. ... That may offer some assurance to the Federal Reserve, who's trying to keep long-term inflation expectations from spiraling out of control. The central bank is likely to raise interest rates next week, its first hike since 2018.

{snip}

Read more: https://www.bloomberg.com/news/articles ... tions-soar

[caltrek]

'There Should Be Consequences for It': Ocasio-Cortez Slams Big Oil Price Gouging
by Brett Wilkins
March 14, 2022

https://www.commondreams.org/news/2022/ ... ce-gouging

Introduction:

(Common Dreams) Rep. Alexandria Ocasio-Cortez on Monday took aim at corporate profiteers, calling for "consequences" for those who price gouge under the pretext of record inflation and international crises.

Responding to a tweet from MSNBC host Stephanie Ruhle, who asked "what's going on" with gas prices averaging $4.43 a gallon nationwide, Ocasio-Cortez (D-N.Y.) replied: "Profiteering. And there should be consequences for it."

Echoing Ocasio-Cortez, fellow "Squad" member Rep. Ilhan Omar (D-Minn.) tweeted that "Big Oil CEOs need to be held accountable for profiteering."

Last week, Sen. Sheldon Whitehouse (D-R.I.) introduced the Big Oil Windfall Profits Tax to target fossil fuel companies profiteering amid Russian President Vladimir Putin's invasion of Ukraine. The measure is co-sponsored by Sens. Jeff Merkley (D-Ore.), Elizabeth Warren (D-Mass.), and Bernie Sanders (I-Vt.). Rep. Ro Khanna (D-Calif.) simultaneously introduced a House version.

In a separate tweet Monday, Ocasio-Cortez highlighted a failure by lawmakers to hold fossil fuel companies accountable—especially those who take money from the industry.

[weatheriscool]

Average U.S. mortgage rates rise; 30-year loan breaches 4%
Source: AP

WASHINGTON (AP) — Average long-term U.S. mortgage rates rose this week as the key 30-year loan vaulted over 4% for the first time since May 2019.

The increase came amid expectations that with inflation at a four-decade high, the Federal Reserve would raise its benchmark short-term interest rate at its policy meeting this week to cool the economy. That action came Wednesday, as the Fed increased the key rate — which it had kept near zero since the pandemic recession struck two years ago — by a quarter point. And the central bank signaled potentially up to seven additional rate hikes this year.

The increases mean that mortgage rates likely will continue to rise over the year.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan this week jumped to 4.16% from 3.85% last week. That’s a sharp contrast from last year’s record-low mortgage rates of under 3%. A year ago, the 30-year rate stood at 3.09%.

Read more: https://apnews.com/article/business-eco ... 635f2c2657

[weatheriscool]

Jobless claims: Another 214,000 Americans filed new claims last week

Emily McCormick · Reporter
Thu, March 17, 2022, 8:31 AM · 3 min read

New unemployment claims improved more than expected last week, further reflecting a tight labor market and relatively low levels of firings and layoffs.

The Labor Department released its latest weekly jobless claims report Thursday at 8:30 a.m. ET. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:

-- Initial jobless claims, week ended March 12: 214,000 vs. 220,000 expected, 227,000 during prior week

-- Continuing claims, week ended March 5: 1.419 million vs. 1.480 million expected, 1.494 million during prior week

Jobless claims came in below 250,000 for a seventh consecutive week and hovered around pre-pandemic levels. Continuing claims, which track the total number of individuals claiming benefits across regular state programs, have held well below levels from even before the pandemic, coming in under 1.5 million for four consecutive weeks now. Throughout 2019, continuing claims averaged around 1.7 million per week.

The labor market has remained a bright spot in the U.S. economy, especially as a brief hit from the Omicron variant earlier this year unwound further in the most recent economic data.

{snip}

Read more: https://finance.yahoo.com/news/weekly-j ... 55584.html