An unexpected increase in weekly jobless claims following May's hiring slowdown is cause for concern
The aforementioned reference is due to my continued doubt about the overall ebullience of the much-touted, record-level of high employment. My skepticism stems from the low labor participation rate, which indicates that people have given up searching for a new job—like those forced into involuntary early retirement—and are no longer counted by the government data.
Economists predicted a decrease in claims for unemployment benefits to 216,000. However, initial claims for state unemployment benefits rose by 3,000 to 222,000 for the week ended June 8. These experts misread the job market, which only added aTo offer some color on the layoffs, recently, an array of big-name corporations announced organizational restructuring.
Top tech companies in Silicon Valley have shed over 1,312 employees, according to the Employment Development Department. Those companies include PayPal, Oracle and SAP America. Media companies have been hit hard and downsized overasino company MGM Resorts International expects to reduce headcount by about 1,000 to reduce costs and boost earnings.
In addition to the disappointing number of jobs created in May, wages increased at their slowest yearly pace in eight months. Although jobless claims are at near historical lows, signs of economic softness are starting to show in sectors such as manufacturing and retail. While there are some valid concerns that hiring has cooled off in the past several months, due to worries over potential trade wars and other geopolitical events, the labor market continues to defy the doubters and is still the strongest in decades.I am a CEO, founder, and executive recruiter at one of the oldest and largest global search firms in my area of expertise, and have personally placed thousands of profes...
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