Jobless Claims Rise As Layoffs Soar At Fastest Pace (UP 410% MoM) Since Lehman Collapse (UP 427% On YoY Basis)

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by confoundedinterest17

I am waiting for tomorrow’s employment report to see if the Biden Administration plays it straight or give another padded report like first half 2022. But in the meantime, according to Challenger Gray & Christmas, U.S.-based employers announced 77,770 job cuts in February. It is 410% higher than the 15,245 cuts announced in the same month last year.

February’s total is the highest for the month since 2009…

So far this year, employers announced plans to cut 180,713 jobs, up 427% from the 34,309 cuts announced in the first two months of 2022. It is the highest January-February total since 2009

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While many of the job cuts is coming in the tech sector,

we are seeing more industries reporting a rise in unemployment claims.

And then we have total delinquent consumer loans at 24.8 million. Highest since 2009.

I wonder if the answer to tomorrow’s employment report lies in one of the nine boxes of Biden’s documents taken from a Boston office?


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