{"id":2240940,"date":"2024-05-09T13:26:01","date_gmt":"2024-05-09T17:26:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/weekly-jobless-claims-unexpectedly-shoot-up-to-worrisome-level\/"},"modified":"2024-05-09T13:29:05","modified_gmt":"2024-05-09T17:29:05","slug":"weekly-jobless-claims-unexpectedly-shoot-up-to-worrisome-level","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/weekly-jobless-claims-unexpectedly-shoot-up-to-worrisome-level\/","title":{"rendered":"Surprise Spike in Weekly Jobless Claims Raises Concerns"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fweekly-jobless-claims-unexpectedly-shoot-up-to-worrisome-level%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2240940&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Department of Labor&#8217;s recent weekly report highlighted a surge in new unemployment claims, reaching 231,000 by May 4, a significant increase from the \u200dprior week.\u2064 Economists\u2062 express concerns about the implications for the \u2063labor market, with some speculating on potential interest \u200crate cuts by the Federal Reserve. Stock market reactions followed a similar\u2063 trend, initially dipping\u200b but later rebounding.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/news\/\">  News <\/a>   <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/georgeupper\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/georgeupper\/%20\"><span>George C. Upper III<\/span><\/a> <\/span> <span>   May 9, 2024 at 8:44am <\/span> <\/span>  <\/header>\n<section>\n<p>Another day, another piece of bad election-year news for proponents of Bidenomics.<\/p>\n<p>The Department of Labor on Thursday released its <a href=\"https:\/\/www.dol.gov\/ui\/data.pdf\" target=\"_blank\" rel=\"noopener\">weekly report<\/a> of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/some-experts-say-homeowners-should-brace-for-property-price-drop\/\" title=\"Some Experts Say Homeowners Should Brace for Property Price Drop\">seasonally adjusted data<\/a> on new unemployment claims through May 4, reporting a total of 231,000 jobless claims.<\/p>\n<p>That number was both up from the previous week\u2019s 209,000 and higher than the 214,000 claims Dow Jones had anticipated, according to <a href=\"https:\/\/www.cnbc.com\/2024\/05\/09\/weekly-jobless-claims-jump-to-231000-the-highest-since-august.html\" target=\"_blank\" rel=\"noopener\">CNBC.<\/a><\/p>\n<p>In fact, it was the highest number since August, spurring CNBC to label the report \u201ca potential sign that an otherwise robust labor market is changing.\u201d<\/p>\n<p>Continuing <a href=\"https:\/\/www.westernjournal.com\/new-jobs-numbers-come-lower-expected-unemployment-rate-rises\/\" target=\"_blank\" rel=\"noopener\">jobless claims<\/a> were up 17,00o from the week prior, while the four<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-weekly-jobless-claims-fall-to-712000\/\" title=\"U.S. Weekly Jobless Claims Fall to 712,000\">-week moving average<\/a> of claims also showed an increase, up 4,750 week-to-week.<\/p>\n<p>\u201cWeekly jobless claims are one of the timeliest indicators of when the economy is starting to undergo serious deterioration, and the magnitude of new layoffs this week looks worrisome,\u201d Christopher Rupkey, chief economist at FWDBONDS, told CNBC.<\/p>\n<p>\u201cOne week does not a trend make, but we can no longer be sure that calm seas lie ahead for the US economy if today\u2019s weekly jobless claims are any indication,\u201d he added.<\/p>\n<p>Nonfarm payrolls were expected to rise by 240,000 in April, but only increased by 175,000, the report also said \u2014 the smallest month-to-month rise since October.<\/p>\n<p>Not all the news was bad, however. The unemployment rate \u201cinched up\u201d from 3.8 to 3.9 percent, for example, meaning that it has stayed below 4 percent for over two years \u2014 \u201cthe longest such streak since the 1960s,\u201d according to <a href=\"https:\/\/apnews.com\/article\/unemployment-benefits-jobless-claims-layoffs-labor-3ee71ca1771c4820acd86d405ff9572e\" target=\"_blank\" rel=\"noopener\">The Associated Press<\/a>.<\/p>\n<div id=\"firefly-poll-container\">\n<p>Has Biden hurt the U.S. economy?<\/p>\n<\/p><\/div>\n<p>Also, as <a href=\"https:\/\/www.reuters.com\/markets\/us\/us-weekly-jobless-claims-increase-more-than-expected-2024-05-09\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a> noted, a slowing labor market makes additional interest rate cuts by the <a href=\"https:\/\/www.westernjournal.com\/federal-reserves-latest-announcement-delivers-killer-blow-bidens-re-election\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a> somewhat more likely.<\/p>\n<p>The outlet reported that a \u201chandful of economists\u201d expect to see the first rate cut in July, but most don\u2019t think the Fed will act before September.<\/p>\n<p>Some of the numbers should probably be taken with a grain of salt at this time of year, according to one expert who talked with Reuters.<\/p>\n<p>\u201cGiven that the varied timing of school spring breaks, and holidays like Easter and Passover, makes the seasonal adjustment process very complicated, we often see volatile readings in the seasonally adjusted data around this time of year,\u201d JP Morgan economist Daniel Silver told the outlet.<\/p>\n<p>Over 10,000 of the new claims came from New York alone, prompting speculation that much of that volume could be attributed to Citigroup employees who had been laid off in January but paid 90 days of severance finally becoming eligible for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-taps-ca-labor-official-for-role-amidst-states-multi-billion-dollar-unemployment-fraud-scandal\/\" title=\"Biden Taps CA Labor Official For Role Amidst State\u2019s Multi-Billion Dollar Unemployment Fraud Scandal\">unemployment insurance benefits<\/a> in April.<\/p>\n<p>Reuters noted that <a href=\"https:\/\/www.westernjournal.com\/liberal-utopia-new-california-law-terminate-500000-jobs\/\" target=\"_blank\" rel=\"noopener\">California<\/a>, Illinois, Indiana and Texas also saw large increases in new unemployment claims, but only one state \u2014 <a href=\"https:\/\/www.westernjournal.com\/trump-still-owns-gop-4-takeaways-iowa-caucuses\/\" target=\"_blank\" rel=\"noopener\">Iowa<\/a> \u2014 saw claims drop by more than 1,000.<\/p>\n<p>Stocks initially fell after the report, but by late morning had more than rebounded. <a href=\"https:\/\/www.marketwatch.com\/investing\/index\/djia\" target=\"_blank\" rel=\"noopener\">The Dow Jones Industrial Average<\/a> was up nearly half a point by about 11:30.<\/p>\n<p>The AP said strong consumer spending was responsible for preventing a recession and keeping American jobs \u201cplentiful.\u201d<\/p>\n<hr>\n<div>\n<p><b><i>An Important Message from Our Staff:<\/i><\/b><\/p>\n<p><i><span>In just a few months, the world is going to change forever. The 2024 election is the single most important election of our lifetime. <\/span><\/i><\/p>\n<p><i><span>We here at The Western Journal are committed to covering it in a way the establishment media simply will not: We will tell the truth, and they will lie.<\/span><\/i><\/p>\n<p><i><span>But Big Tech and the elites don\u2019t want the truth out. That\u2019s why they have cut us off from 90% of advertisers. Imagine if someone cut your monthly income by 90%. That\u2019s what they\u2019ve done to people like us. <\/span><\/i><\/p>\n<p><i><span>As a staff, we are asking you to <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>join us<\/span><\/i><\/a><i><span>  to fight this once-in-a-lifetime fight. Without you not only will The Western Journal fail, but America will fail also. As Benjamin Franklin said, \u201cWe must all hang together, or assuredly we shall all hang separately.\u201d<\/span><\/i><\/p>\n<p><i><span>Will you support The Western Journal today and <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>become a member<\/span><\/i><\/a><i><span>? <\/span><\/i><\/p>\n<p><i><span>A Western Journal <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Membership<\/span><\/i><\/a><i><span>  costs less than one coffee and breakfast sandwich each month, and it gets you access to ALL of our content \u2014 news, commentary, and premium articles. You\u2019ll experience a radically reduced number of ads, and most importantly you will be vitally supporting the fight for America\u2019s soul in 2024.<\/span><\/i><\/p>\n<p><i><span>This is the time. America will live or die based on what happens this year. Please <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>join us<\/span><\/i><\/a><i><span>  to get the real truth out and to fight the elites, Big Tech, and the people who want America to fail. Together, we really can save the country.<\/span><\/i><\/p>\n<p><b><i>Thank you for your support!<\/i><\/b><\/p>\n<p><i><span>P.S. <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Please stand with us<\/span><\/i><\/a><i><span>!<\/span><\/i><\/p>\n<\/p><\/div>\n<div id=\"author-info-44802\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/georgeupper\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-44802\">Summary<\/label><label for=\"more-info-tab-radio-44802\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-44802\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-44802\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>George Upper is the former Editor-in-Chief of The Western Journal and was a weekly co-host of &#8220;WJ Live,&#8221; powered by The Western Journal. He is currently a contributing editor in the areas of faith, politics and culture. A former U.S. Army special operator, teacher and consultant, he is a lifetime member of the NRA and an active volunteer leader in his church. Born in Foxborough, Massachusetts, he has lived most of his life in central North Carolina.<\/p>\n<\/p><\/div>\n<div>\n<p>  George Upper, is the former editor-in-chief of The Western Journal and is now a contributing editor in the areas of faith, politics and culture. He currently serves as the connections pastor at Awestruck Church in Greensboro, North Carolina. He is a former U.S. Army special operator, teacher, manager and consultant. Born in Massachusetts, he graduated from Foxborough High School before joining the Army and spending most of the next three years at Fort Bragg. He holds bachelor&#8217;s and master&#8217;s degrees in English as well as a Master&#8217;s in Business Administration, all from the University of North Carolina at Greensboro. He and his wife life only a short drive from his three children, their spouses and his grandchildren. He is a lifetime member of the NRA and in his spare time he shoots, reads a lot of Lawrence Block and John D. MacDonald, and watches Bruce Campbell movies. He is a fan of individual freedom, Tommy Bahama, fine-point G-2 pens and the Oxford comma. <\/p>\n<p>  Birthplace <\/p>\n<p>  Foxborough, Massachusetts <\/p>\n<p>  Nationality <\/p>\n<p>  American <\/p>\n<p>  Honors\/Awards <\/p>\n<p>  Beta Gamma Sigma <\/p>\n<p>  Education <\/p>\n<p>  B.A., English, UNCG; M.A., English, UNCG; MBA, UNCG <\/p>\n<p>  Location <\/p>\n<p>  North Carolina <\/p>\n<p>  Languages Spoken <\/p>\n<p>  English <\/p>\n<p>  Topics of Expertise <\/p>\n<p>  Faith, Business, Leadership and Management, Military, Politics <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In an unwelcome update for supporters of Bidenomics, the Department of Labor&#8217;s latest weekly report revealed 231,000 new unemployment claims filed through May 4, marking another blow in an already challenging election year scenario<\/p>\n","protected":false},"author":2010,"featured_media":2240941,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/construction-workers.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2240940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/construction-workers.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2240940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2010"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2240940"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2240940\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2240941"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2240940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2240940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2240940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}