People gotta stop denying there is recession ALREADY….
I know the Fed is worried about increased inflation….
Their efforts and people’s common sense have already kicked in….
(Some just ain’t working…At least on the books)
Business YUGE price increases are pricing themselves out of sales….
And THAT along with a not so big recovery from the pandemic are ALL driving this country into a brick wall….(Work from home push/pull and pay raises are minimal these days)
Republican’s ain’t going for any stimulus money anymore…..
In the week ending July 30, initial claims for unemployment insurance rose to 260,000, up by 6,000 from the previous week. While claims still remain near pre-pandemic lows, they’ve risen to the highest level since November as the job market slows down.
The steady rise in jobless claims comes as businesses feel the squeeze of high inflation and interest rate hikes meant to slow down price and wage growth. As the Federal Reserve hikes interest rates, businesses tend to hire fewer employees and avoid offering higher wages….
Even so, some businesses in technology, real estate, retail and other sectors hit hard by rising interest rates have been forced to lay off workers as the economy slows and their sales fall.
“Major corporations, including the country’s biggest employer, Walmart, are announcing layoffs as the economy cools. Losing a job is often traumatic, but there’s some comfort for those laid off that the jobs market is still strong and voluntary job switching for higher wages is still prevalent,” Robert Frick, corporate economist at Navy Federal Credit Union, wrote in a Thursday analysis….
Roughly 4.2 million Americans quit their jobs in June, according to Labor Department data released Tuesday. The percentage of workers who quit their jobs in June held even at 2.8 percent, just 0.1 percentage points below a record high set in April….