Continuing Labor Market Strength

 

Over half of Americans think we're in a recession.  Meanwhile, in the real world of sentient adults:

The number of Americans filing new claims for unemployment benefits fell last week, pointing to underlying strength in the labor market that should continue to support the economy.

The second straight weekly decline in claims reported by the Labor Department on Thursday unwound most of the jump at the start of the month, which had lifted applications to a level last seen at the end of last August. Though job growth is slowing as a result of the cumulative impact of hefty Federal Reserve interest rate hikes in 2022 and 2023, layoffs remain very low.

 

"Claims settled down from the previous week, so the acceleration some had feared hasn't come to pass," said Robert Frick, corporate economist at Navy Federal Credit Union. "The labor market remains robust, and if claims are the canary in the coal mine for jobs, it has yet to develop a mild cough."

 

Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 215,000 for the week ended May 18. Economists polled by Reuters had forecast 220,000 claims in the latest week. Unadjusted claims decreased 5,663 to 192,017. There were notable declines in filings in California and Indiana... (our emphasis)

Then again, a majority of Americans believe in ghosts, aliens, and the devil, and 74 million of them voted for the Malignant Loser in 2020 after 4 years of dystopia.  Sic transit gloria, America.