Jobless Claims Refuse To Budge Despite Accelerating WARN Notices
In the real world labor market, 2024 has been a shitshow of layoffs...
1. Everybuddy: 100% of workforce
2. Wisense: 100% of workforce
3. CodeSee: 100% of workforce
4. Twig: 100% of workforce
5. Twitch: 35% of workforce
6. Roomba: 31% of workforce
7. Bumble: 30% of workforce
8. Farfetch: 25% of workforce
9. Away: 25% of workforce
10. Hasbro: 20% of workforce
11. LA Times: 20% of workforce
12. Wint Wealth: 20% of workforce
13. Finder: 17% of workforce
14. Spotify: 17% of workforce
15. Buzzfeed: 16% of workforce
16. Levi's: 15% of workforce
17. Xerox: 15% of workforce
18. Qualtrics: 14% of workforce
19. Wayfair: 13% of workforce
20. Duolingo: 10% of workforce
21. Rivian: 10% of workforce
22. Washington Post: 10% of workforce
23. Snap: 10% of workforce
24. eBay: 9% of workforce
25. Sony Interactive: 8% of workforce
26. Expedia: 8% of workforce
27. Business Insider: 8% of workforce
28. Instacart: 7% of workforce
29. Paypal: 7% of workforce
30. Okta: 7% of workforce
31. Charles Schwab: 6% of workforce
32. Docusign: 6% of workforce
33. Riskified: 6% of workforce
34. EA: 5% of workforce
35. Motional: 5% of workforce
36. Mozilla: 5% of workforce
37. Vacasa: 5% of workforce
38. CISCO: 5% of workforce
39. UPS: 2% of workforce
40. Nike: 2% of workforce
41. Blackrock: 3% of workforce
42. Paramount: 3% of workforce
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
48. Northrop Grumman: 1,000 employees
49. Pixar: 1,300 employees
50. Perrigo: 500 employees
But, according to the government-supplied data...
The number of Americans filing for jobless benefits for the first time last week was flat at 217K (SA) while claims declined on an NSA basis to four month lows...
Source: Bloomberg
Continuing Claims ticked back above 1.9mm for the first time since November...
Source: Bloomberg
Other non-government created data suggests problems as Challenger, Gray & Christmas announced 84,638 job cuts in Feb.
"February’s total is the highest for the month since 2009, when 186,350 job cuts were announced in the second month of the year."
Finally, we remind readers that WARNs have surged recently as claims haven't...
As a reminder, if you doubt the accuracy of the Biden admin's data, here's what the most recent FOMC Minutes said:
"While the recent trends prior to the meeting had been remarkably positive, Fed officials judged that some of the recent improvement “reflected idiosyncratic movements in a few series.”
Even they aren't buying it.
But, Pantheon Macro expects that to change soon...
"Claims are still very low by historical standards.
We expect that to change soon.
The WARN numbers, capturing advance notice of plant closures and mass layoffs, have jumped recently and point to initial claims rising significantly over the next few months"
Of course, we know the solution...
Dear BLS: you're going to have to rig state level WARN data next cause it's, well, diverging pic.twitter.com/YWvyULOqNQ
— zerohedge (@zerohedge) February 23, 2024
Ah, Bidenomics!!