Stagnation in US Initial Jobless Claims Near Record Lows
The US Department of Labor, a reliable source of data, reported that only 215,000 Americans filed for first-time jobless benefits last week. This is a decrease from the previous week's 223,000.
Workforce Reductions in Various Companies
Despite these promising numbers, many companies have seen significant workforce reductions this year:
1. Everybuddy: 100%
2. Wisense: 100%
3. CodeSee: 100%
4. Twig: 100%
5. Twitch: 35%
6. Roomba: 31%
7. Bumble: 30%
8. Farfetch: 25%
9. Away: 25%
10. Hasbro: 20%
11. LA Times: 20%
12. Wint Wealth: 20%
13. Finder: 17%
14. Spotify: 17%
15. Buzzfeed: 16%
16. Levi's: 15%
17. Xerox: 15%
18. Qualtrics: 14%
19. Wayfair: 13%
20. Duolingo: 10%
21. Rivian: 10%
22. Washington Post: 10%
23. Snap: 10%
24. eBay: 9%
25. Sony Interactive: 8%
26. Expedia: 8%
27. Business Insider: 8%
28. Instacart: 7%
29. Paypal: 7%
30. Okta: 7%
31. Charles Schwab: 6%
32. Docusign: 6%
33. Riskified: 6%
34. EA: 5%
35. Motional: 5%
36. Mozilla: 5%
37. Vacasa: 5%
38. CISCO: 5%
39. UPS: 2%
40. Nike: 2%
41. Blackrock: 3%
42. Paramount: 3%
43. Citigroup: 20,000 employees
44. ThyssenKrupp: 5,000 employees
45. Best Buy: 3,500 employees
46. Barry Callebaut: 2,500 employees
47. Outback Steakhouse: 1,000 employees
48. Northrop Grumman: 1,000 employees
49. Pixar: 1,300 employees
50. Perrigo: 500 employees
51. Tesla: 10% of workforce
State-wise Jobless Claims
California and Indiana experienced the most significant decrease in claims, while Michigan and Texas saw the most substantial increase.
Continuing Claims and Job Cut Announcements
Continuing claims remain steady, just below 1.8 million Americans. However, WARNs and job cut announcements, which are not provided by the government, are noticeably high.
Impact of Politics on Jobless Claims
There are questions about whether these data will be fully released to reflect reality if Trump wins the upcoming November elections.
Closing Thoughts
The current state of jobless claims in the US presents a complex picture. While initial claims are near record lows, many companies are reducing their workforce significantly. This raises questions about the accuracy and completeness of the data provided by the government. What are your thoughts on this matter? Share this article with your friends and discuss. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.
