(TRUNEWS) Unemployment numbers were released today, and they are not good. Jobless benefits claims reached a seven-month high, suggesting significant layoffs from market turbulence and the growing global economic slowdown.
Numbers released from the Labor Department showed initial jobless claims rose by 10,000 in the seven day stretch from January 10th-16th, to a grand total of 293,000 reporting unemployment, the highest level since July 2015.
The four-week average of initial claims faired no better, with an increase of 6,500 to a total of 285,000 recently out of work, the highest since April 2015.
Establishment economic analysts like Jeffry Bartash from MarketWatch tout a 56,000 drop off of continuing claims, as well as seeing the unemployment numbers under 300,000, as a sign of a strong labor market, and are quoting the U.S. monthly employment report as evidence to that effect.
But even they can’t argue with the facts, that the heavily deflated numbers being reported by the Labor Department show a 14% increase in initial claims, echoing the purported ‘post-recession low’ of 256,000 in October 2015.
A drop in employment is not out of the ordinary for January, due to natural layoffs from the holiday season, but paired with the drop in activity of the Baltic Dry Index (BDI), the mass layoffs from shipping companies, and the slow down in consumer spending, it is likely a real indicator that the recession never ended, and America is actually going into a serious economic depression.
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