Quick Note on the Weekly Jobs Data
The RTT News chart at right shows what happened to weekly jobless claims going back into March.
Don’t get us wrong in another way, the jobs picture is really doing well. A combination of an uptick in economic activity, demographics (retirements, life-style decisions such as single income households, etc.), migration trends, and several other factors have led to this tight job market.
The Labor Department has also warned that power disruptions in Texas, Florida, and Puerto Rico have limited the rate of reporting data to the Federal Government. Actual filings for unemployment might be higher than reported.
Look, the jobs picture has improved. We’ve been telling this tale for more than a year with the job openings data, U6, and quits data all pointing to an improving job environment.
The employment situation is still going to shape and steer investments in automation, robotics, AI, outsourcing, etc. If you thought those investments were already brisk, it will exponentially accelerate much harder in the quarters to come.