This article was originally published by Tyler Durden at ZeroHedge.
While the number of actual Americans filing for jobless benefits for the first time dipped to 337.4K from an 8-month high of 420.8K last week, on a seasonally-adjusted, initial claims unexpectedly soared from 231K to 286K, a huge miss to expectations of 225K, the highest print since October 8 and the latest confirmation that the economy is slowing rapidly not just because of Omicron but due to general exhaustion at the consumer level the result of stimmies having been spent long ago.
While continuing claims on a seasonally-adjusted basis rose from a fresh pre-COVID low of 1.551MM last week to 1.635MM, on a non-seasonally-adjusted basis, continuing claims jumped to a fresh 3 month high of 2.075mm, the highest since the first week of October.
Overall, the number of Americans filing for some form of unemployment benefit rose again from 1.948mm (unadjusted) to 2.128MM.
And while pundits and economists will be quick to blame everything on Omicron (which of course is transitory), they will again be wrong because we are now entering the phase where the US consumer is now tapped out. But of course, just as the Fed erred last year and allowed inflation to run red hot, in 2022 it won’t spot the economic slowdown in time and will keep tightening right into a major recession if not worse…. at which point Powell will of course panic and unleash an even bigger easing cycle than the Covid one.
I saw an ad on craigslist the other day. Some guy selling all the equipment in his shop. His reason was he couldn’t get any competent help so he gave it up. Kids these days… what a waste of oxygen.
20 plus years of handing out participation trophies like candy on Halloween helped pave the way for the entitled mentality.
Kids grew up expecting rewards for simply being born.
Laziness was rewarded.
Appreciation became a lost art.
Whenever life isn’t rainbows and lollipops people throw hissy fits.
Dysfunctional doesn’t even begin to describe America today.
YUP,
I remember the term “KUDOS” and it was a libtard way of praising everything you did whether correct or not and that was the beginning of the end. now we have kids and older kids that are worthless are working for a living.
A lot of issues in society today are the result of embracing the “pc culture” decades ago.
Public education, Hollywood, media, and many parents embraced the “pc culture” after the 1980’s.
As a result of embracing the “pc culture” the entitled mentality was born and this culminated into a total lack of discipline, respect, appreciation, patience, loyalty and accountability in society.
How come so many jobless unemployment claims amidst the acute labor shortage we are told we are experiencing?
Something doesn’t seem right about this to me, but what do I know?
It’s rug pull time! Got silver and gold real physical assets and not digital dollar bits of nothing?
Crypto’s are crashing BIG TIME! Stoopid bassturds lol.
For so long as the state has held controlling interest in so many too-big-to-fail businesses, we acted as though it was a free country.
For so long as the state subsidizes the labor, we have acted as though this system is garden variety Communism.
All capital, as we have known it, has been derived from a Marxist, 5th Plank lending monopoly that holds a monopoly on labor as well as the means of production.
Post-Christmas job layoffs.
COVID payouts are also ending.