{"id":200202,"date":"2021-06-10T18:02:00","date_gmt":"2021-06-10T23:02:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2021\/06\/10\/its-jobless-thursday-91\/"},"modified":"2021-06-10T18:02:00","modified_gmt":"2021-06-10T23:02:00","slug":"its-jobless-thursday-91","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2021\/06\/10\/its-jobless-thursday-91\/","title":{"rendered":"It&#8217;s Jobless Thursday!"},"content":{"rendered":"<p>Initial unemployment claims <a href=\"https:\/\/www.wsj.com\/articles\/weekly-jobless-claims-coronavirus-06-10-2021-11623266638\">fell from  fell to 376,000 from 385,000 last week<\/a>, which is obviously good news, but year over year <a href=\"https:\/\/www.wsj.com\/articles\/us-inflation-consumer-price-index-may-2021-11623288303?mod=hp_lead_pos1&amp;mod=hp_lead_pos1\">inflation jumped to 5%<\/a>, which means the the usual suspects are going to start screaming for austerity.<\/p>\n<p>As always, I&#8217;ll note that with 20+ states rolling back unemployment benefits, stimulus is going away sooner rather than later in those states, and in all 50 states at the end of September, so I will expect back-sliding when that happens.<\/p>\n<p>As to the inflation, the core rate, which excludes food and energy is a lower at 3.8%, and it is dominated by a spike in used car prices, which are in turn driven by a massive shortage of new cars, which is in turn driven by an even more massive shortage of computer chips that go into new cars.<\/p>\n<p>It&#8217;s a recovery, and inflation will spike, and quite honestly, with <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-09\/surprise-jump-in-u-s-wages-gives-inflation-debate-a-new-twist\">wages going up for people at the bottom end of the scale<\/a>, it&#8217;s a good thing.<\/p>\n<p>I&#8217;m waiting for the &#8220;Very Serious People&#8221; to try to start to screwing things up. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Initial unemployment claims fell from fell to 376,000 from 385,000 last week, which is obviously good news, but year over year inflation jumped to 5%, which means the the usual suspects are going to start screaming for austerity. As always, I&#8217;ll note that with 20+ states rolling back unemployment benefits, stimulus is going away sooner &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,975,1200,1089,992],"tags":[],"class_list":["post-200202","post","type-post","status-publish","format-standard","hentry","category-economy","category-employment","category-inflation","category-recession","category-statistics"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/200202"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=200202"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/200202\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=200202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=200202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=200202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}