Jobless claims came in at 261,000 versus 235,000 expected – is this a little bit of a sign that the layoffs we have seen around the country are starting to bite a little bit? This is the higher number in around 20 months. We had speculated that jobs were plentiful previously and this folks laid off were not showing up in the jobless claims numbers–and if one were to believe the JOLTs (job openings and labor turnover) numbers there are very substantial numbers of openings out there. Regardless it is a tiny bit of a vote for a ‘pause’ net week in interest rate hikes.
It is interesting that there was a news blip on the national news that big tech is rescinding job offers to new graduates–given the major layoffs these companys have had in recent months is this a surprise? I think it is called ‘welcome to the real world’. I think the younger folks believed that the gravy train would last forever – or maybe it is just because I am an old fart I think they should have to endure just a little bit of ‘character building’. Maybe the days of quitting a job every year and hopping to a new one will be over soon–maybe.
For the balance of the week we don’t have economic news of any consequence.
