Cracks Begin To Show In America – THOUSANDS Lose Jobs
(LibertySociety.com) – On August 4, the Department of Labor (DOL) released a report for July 30, showing more unemployment claims were made that week than in the prior period. New “seasonally adjusted” filings increased by about 6,000 applicants, even though job numbers also rose by over 500,000. The department announced the overall unemployment rate for last month was 3.5% across the US.
U.S. employers added 528k jobs in July, far more than expected. The unemployment rate fell to 3.5%, matching its prepandemic level (a 50-year low).
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— Ben Casselman (@bencasselman) August 5, 2022
Although the percentage appears low on the surface, there are still some big companies signaling they’re bracing for an economic storm. The most notable ones for firing workers include Tesla, Netflix, and Redfin, while many other tech companies have simply stopped hiring altogether. It may be due to the fact that some see a recession coming around the corner in America. Others say it’s already here, with the economy shrinking for two consecutive months.
Considering economists identify a recession as a pullback in the market coupled with rising unemployment, even a small increase in jobless claims is concerning. Inflation is still rising, according to the most recent reporting, causing prices to climb even higher for struggling American families all across the country.
Do you think the US economy is headed into trouble, or do you feel it’s already here?
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