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Let's Track the Economy (with objective empirical data?)

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essentialsaltes

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US weekly jobless claims rise as labor market eases​

Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 237,000 for the week ended August 30, the Labor Department said on Thursday.

Job growth has shifted into stall-speed, with economists blaming President Donald Trump's sweeping import tariffs and an immigration crackdown that is hampering hiring at construction sites and restaurants.

The government reported on Wednesday that there were more unemployed people than positions available in July for the first time since the COVID-19 pandemic.
 
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Gene2memE

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The US jobs market is treading water, but +8,000 initial jobless claims is just statistical noise. Initial claims regularly swing by +/- 10,000 from week to week. Week to week swings of nearly +/- 20,000 aren't uncommon and swings in the range of +/- 50,000 aren't unheard of.

If you look at the 4 week average, jobless claims are essentially flat over the last 12 months. The worst you could say is that claims are up ~9% since the start of the year. But, you could counter than by noting that claims are down 6% since June.

Instead, look at the total number of people receiving unemployment insurance. That's up from about 1.83 million 12 months ago to about 1.97 million now. If you look at the job opening data (generally negative) and labor force participation rate data (generally positive) it's likely to get worse over the next 3-4 months.
 
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essentialsaltes

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I started a thread on it, but revised jobs numbers for June show that the US lost jobs that month, the first time since 2020. August added 22,000 jobs.

Firing the messenger did nothing. BLS jobs report revises June to be the first *loss* of jobs since 2020. August added 22,000. Unemployment ticks up

Hiring slowdown continues in 1st jobs report since Trump fired commissioner The U.S. added 22,000 jobs in August, according to data from the U.S. Bureau of Labor Statistics. That figure showed a sharp decrease from 79,000 jobs added in the previous month. The unemployment rate ticked up to 4.3%...
www.christianforums.com
 
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essentialsaltes

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essentialsaltes said:
July CPI at 2.7%, same as last month
Click to expand...

CPI rose at a rate of 2.9% in August as U.S. inflation ticked higher​

[After the triumph of Bidenomics brought it down to 2.3% in April,] inflation has been creeping higher in recent months, edging away from the Federal Reserve's 2% annual target. That's causing some Americans to feel more sour about the economy, with a recent CBS News poll finding that two-thirds of consumers said prices in the past few weeks have continued to rise.

Some items getting more expensive are products that are largely imported, such as coffee, which soared 21.7% from a year ago, and furniture, which rose 4.7%. Imports are subject to U.S. tariffs based on country of origin, with the Trump administration adding new duties that start at 10% and scale higher.

Day-to-day costs also increased at a faster pace, with food prices rising by 3.2% from a year ago, largely driven by higher restaurant prices, the data showed.
 
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Akita Suggagaki

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The decision comes two and a half months after President Donald Trump signed legislation sharply reducing food aid to the poor.
 
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CBO: US Annual Budget Deficit Steady at $1.8 Trillion, Despite Surge in Tariff Revenue​

The federal government logged a $1.8 trillion budget deficit for the 2025 fiscal year, little changed from 2024 despite a surge in tariffrevenues, according to the Congressional Budget Office.

While the Treasury Department issues the official tally for monthly and annual budget figures, plans for publishing the September monthly and 2025 fiscal-year data may be affected by the current federal government shutdown. A spokesperson for the Treasury didn’t respond to a request for comment on the timing of the report.

The agency said that while revenues climbed by $308 billion, or 6%, spending advanced by an estimated $301 billion, or 4% — propelled by categories including interest on the public debt, which surpassed $1 trillion for the first time.

Receipts from corporate income taxes decreased 15% compared to 2024, in part due to Trump’s signature tax and spending plan passed by Congress this summer.

Tax and spend is right.
 
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wing2000

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"The September consumer price index showed prices rising at a 3 percent annual rate — up slightly from 2.9 percent in August and above April’s post-pandemic low of 2.3 percent, according to the Bureau of Labor Statistics.

Gasoline prices, which edged down over the past year — providing some relief to consumers — nonetheless jumped 4.1 percent in September and were the largest factor in a 0.3 percent monthly increase."

 
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