Chat with us, powered by LiveChat
Menu

Both Jobless Claims And Productivity Are Down Significantly in US

jobless claims
Print Friendly, PDF & Email

EDITOR'S NOTE: U.S. first-time jobless claims are finally back to normal after the labor-crushing pandemic, but now the U.S. faces another work-related problem, according to Zero Hedge. The outlet writes that “this 'good' news is countered by a collapse in US productivity in Q3. The 5.0% plunge is the greatest quarterly drop in productivity in 40 years.” The author then writes that “the productivity plunge is mirroring the surge in unit labor costs in Q3,” and the answer is for Fed Chairman Jerome Powell to finally start raising interest rates. 

Initial jobless claims improved further last week with 'just' 269k Americans filing for first-time jobless benefits...

jobless claims

Source: Zero Hedge via Bloomberg

Kentucky and California saw the biggest jump in jobless claims while Missouri and Florida saw the biggest drop...

jobless claimsSource: Zero Hedge via Bloomberg

That leaves the total number of Americans on some form of government dole just above 2.6 million...

jobless claims

Source: Zero Hedge via Bloomberg

...the lowest since pre-pandemic-lockdown...

jobless claims

Source: Zero Hedge via Bloomberg

But this 'good' news is countered by a collapse in US productivity in Q3. The 5.0% plunge is the greatest quarterly drop in productivity in 40 years...

Source: Bloomberg

The productivity plunge is mirroring the surge in unit labor costs in Q3...

Source: Bloomberg

Time to start hiking rates, Jay?

Originally posted on Zero Hedge.

Bank Failure Scenario Kit - sm2

GET YOUR FREE

BANK FAILURE SCENARIO KIT

  • This field is for validation purposes and should be left unchanged.

All articles are provided as a third party analysis and do not necessarily reflect the explicit views of GSI Exchange and should not be construed as financial advice.

Precious Metals and Currency Data Powered by nFusion Solutions