News about unemployment

Unemployment Insurance Weekly Claims Initial claims were 229,000 for the week ending 6/1 (+8,000). Insured unemployment was 1,792,000 for the week ending 5/25 (+2,000). www.dol.gov/ui/data.pdf pic.twitter.com/Bu9CBpWS5F

Big news in JOLTS: Job openings per unemployed back to what they were prior to COVID. This (plus openings alone) were the main labor market variable that had been shown more tightness than pre-COVID. (One can argue how tight pre-COVID was and trends in openings, but still.) pic.twitter.com/BnC6t2xjsZ

Job openings fell to their lowest level in more than three years in April, but quits rose and layoffs fell. (Hires were flat.) So net net probably the same story of a strong albeit gradually cooling labor market. #JOLTS Data: www.bls.gov/news.release/jolts.nr0.htm

Service sector is seeing faster growth of economic activity, but also growth for layoffs and prices; but if both manufacturing and services are losing jobs, where exactly is all this employment growth coming from? Is it literally all gov't jobs? pic.twitter.com/WnvgMNL0xs