{"id":1458724,"date":"2024-02-22T13:40:59","date_gmt":"2024-02-22T18:40:59","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1458724"},"modified":"2024-02-22T13:40:59","modified_gmt":"2024-02-22T18:40:59","slug":"initial-jobless-claims-plunge-near-record-lows-fed-questions-datas-accuracy","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/initial-jobless-claims-plunge-near-record-lows-fed-questions-datas-accuracy\/1458724\/","title":{"rendered":"Initial Jobless Claims Plunge Near Record Lows… Fed Questions Data’s Accuracy"},"content":{"rendered":"

Initial Jobless Claims Plunge Near Record Lows… Fed Questions Data’s Accuracy<\/span><\/p>\n

\n

As mass corporate layoffs continue to mount, why should we be shocked that expectations were for a very small rise in initial jobless claims (from 213k to 216k) last week.<\/p>\n

<\/a><\/p>\n

Source: Layoffs.fyi<\/em><\/p>\n

What does that look like – in the real world labor market – in 2024<\/strong>…<\/p>\n

1. Twitch: 35% of workforce
\n2. Roomba: 31% of workforce
\n3. Hasbro: 20% of workforce
\n4. LA Times: 20% of workforce
\n5. Spotify: 17% of workforce
\n6. Levi’s: 15% of workforce
\n7. Xerox: 15% of workforce
\n8. Qualtrics: 14% of workforce
\n9. Wayfair: 13% of workforce
\n10. Duolingo: 10% of workforce
\n11. Washington Post: 10% of workforce
\n12: Snap: 10% of workforce
\n13. eBay: 9% of workforce
\n14. Business Insider: 8% of workforce
\n15. Paypal: 7% of workforce
\n16. Okta: 7% of workforce
\n17. Charles Schwab: 6% of workforce
\n18. Docusign: 6% of workforce
\n19: CISCO: 5% of workforce
\n20. UPS: 2% of workforce
\n21. Nike: 2% of workforce
\n22. Blackrock: 3% of workforce
\n23. Paramount: 3% of workforce
\n24. Citigroup: 20,000 employees
\n25. Pixar: 1,300 employees<\/p>\n

And here’s the government-supplied statistics…<\/p>\n

Instead of rising, the number of Americans filing for jobless benefits for the first time, tumbled from 213k to 201k, practically the lowest levels in this cycle. That is the third lowest initial jobless claims since the start of 2023, according to the Biden admin…<\/em><\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Meanwhile, continuing claims also declined from 1.889mm Americans to 1.862mm…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Finally, if you doubt the accuracy of the Biden admin’s data, here’s what The FOMC Minutes said yesterday:<\/p>\n

“While the recent trends prior to the meeting had been remarkably positive, Fed officials judged that some of the recent improvement \u201creflected idiosyncratic movements in a few series.\u201d<\/em><\/strong><\/p>\n

Even they aren’t buying it.<\/p>\n

Can’t imagine why they would doubt this?<\/strong><\/p>\n

<\/a><\/p>\n

…and California was ‘estimated’.<\/strong><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 02\/22\/2024 – 08:40<\/span><\/p>\n

\u200bRead More<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Initial Jobless Claims Plunge Near Record Lows… Fed Questions Data’s Accuracy As mass corporate layoffs continue to mount, why should we be shocked that expectations…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1458724","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1458724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1458724"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1458724\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1458724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1458724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1458724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}