May 6, 2016: that was yesterday (the original post); today's jobs report was even worse (hard to believe).
May 6, 2016: that was yesterday (the original post); but it got even worse today.
From Reuters: US jobless claims rise; planned layoffs surge.
Despite this incredibly bad and unexpected news, here's the Reuters analysis in the very first paragraph: "...but the underlying trend continued to point to a strengthening labor market."
Then this is in the very second paragraph:
Another report on Thursday showed a 35 percent surge in planned layoffs by US-based employers last month. Most of the announced job cuts were concentrated in the energy sector, which is reeling from low oil prices that have hurt profits.Like this, I suppose:
This from Union Bank in New York after reading the reports that layoffs surged, and future layoffs will get worse: "We are assuming the move in claims is largely technical."
I guess the war on coal is "largely technical."
The Reuters article concludes:
Claims were generally low in April compared to March. That points to a fairly robust labor market despite a report on Wednesday showing hiring by employers in the private sector last month was the weakest in three weeks.Reuters continues to read like a blog.
Wait until employers get the 2017 bill for ObamaCare.