Jobless claims rise in U.S. and Nebraska

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ROB AND JULIE, THANK YOU BOTH. WELL, JOBLESS CLAIMS ARE RISING BOTH ACROSS THE US RIGHT HERE IN NEBRASKA, BUT A LOCAL ECONOMICS EXPERT SAYS AND NOW IS NOT THE TIME TO PANIC. BILL SCHNEIDER IS ON THE LIVE THIS WITH THAT ROB. JULIE, HE TELLS ME PANIC THE LAST THING PEOPLE SHOULD DO HEADING INTO THE HOLIDAYS. IN FACT, I’M TOLD THE DATA MIGHT ACTUALLY BE A GOOD THING. HERE’S A CLOSER LOOK AT THE NUMBERS JUST OUT TODAY. NATIONALLY THERE ARE 240,000 NEW JOBLESS CLAIMS OF THE WEEK ENDING 19TH. THAT’S UP ABOUT 8% FROM THE WEEK BEFORE. IN NEBRASKA, THE NUMBER JUMPED TO 896, A NEARLY 50% INCREASE FROM THE WEEK PRIOR. AND THE HIGHEST SINCE JANUARY OF THIS YEAR. EXPERTS SAY THE NATIONAL RISE LARGELY DUE TO TECH SECTOR. WE HAVE LIKE A MIX THERE. MIXED MESSAGE. ON THE ONE HAND, THESE ANIMALS PEAK HOW YOU FEEL. WE ALL WE WILL FEEL THE SQUEEZE BUT THAT’S ALSO MAYBE THAT IS TELLING US THE IS POLICY IS WORKING. OF COURSE IT’S TALKING THE FED’S POLICY OF RAISING INTEREST RATES. MORE ECONOMIC NEWS OUT THIS WEEK SHOWING THE DIFFERENCE IN WEEKLY WAGES YEAR TO YEAR IN DOUGLAS COUNTY THE AVERAGE PERSON MAKES $1,187 PER WEEK. THAT’S UP THREE AND A HALF PERCENT SINCE LAST YEAR,

‘Still Resilient’: Jobless claims rise in U.S. and Nebraska

Across the U.S. Jobless claims rose by about 7.6% last week, hitting a seasonally-adjusted figure of 240,000.

Across the U.S., jobless claims rose by about 7.6% last week, hitting a seasonally-adjusted figure of 240,000. That’s the highest since the week ending on Aug. 13, 2022, when claims hit 245,000. Nebraska’s claims rose significantly, by about 49%, but at 896, the number is still relatively low. The number of continued claims for the week ending on Nov. 19 was 2,608, similar to pre-pandemic figures in the fall of 2019. “Nebraska’s economy is very resilient to the broader fluctuations,” said Dr. Zhigang Feng, an economist and professor at the University of Nebraska-Omaha. At 2.4%, Nebraska currently has the fifth lowest unemployment in the country. The top four are Minnesota, Utah, North Dakota, and Vermont. “The economy is still resilient and will rebound quickly. In that sense, we shouldn’t worry too much about what’s going on the labor market,” Feng said.In fact, he said it could be a sign inflation is slowing.”We have a mixed message,” he said. “On the one hand, with unemployment picking up, we’ll feel the squeeze. But it’s also telling us the Fed’s policy is working.”The Federal Reserve has repeatedly raised interest rates by 0.75% since the spring to try to curb inflation and create downward pressure on the spending market. “What the fed wants is to slow down or cool down our economy,” Feng said. “They do not want to cause a crash in the labor market. They want a soft landing, not a hard landing.”The 896 new jobless claims in Nebraska are the highest since there were 1,168 for the week ending Jan. 22, 2022. For some perspective, in the six weeks following the start of the pandemic, Nebraska averaged about 17,000 new jobless claims per week. Heading into the holidays, Feng said now is not the time to panic. “We’re heading into the new year – 2023 – and many economists believe our economy or global economy is doing slightly better than we feared,” he said.

Across the U.S., jobless claims rose by about 7.6% last week, hitting a seasonally-adjusted figure of 240,000. That’s the highest since the week ending on Aug. 13, 2022, when claims hit 245,000.

Nebraska’s claims rose significantly, by about 49%, but at 896, the number is still relatively low. The number of continued claims for the week ending on Nov. 19 was 2,608, similar to pre-pandemic figures in the fall of 2019.

“Nebraska’s economy is very resilient to the broader fluctuations,” said Dr. Zhigang Feng, an economist and professor at the University of Nebraska-Omaha.

At 2.4%, Nebraska currently has the fifth lowest unemployment in the country. The top four are Minnesota, Utah, North Dakota, and Vermont.

“The economy is still resilient and will rebound quickly. In that sense, we shouldn’t worry too much about what’s going on the labor market,” Feng said.

In fact, he said it could be a sign inflation is slowing.

“We have a mixed message,” he said. “On the one hand, with unemployment picking up, we’ll feel the squeeze. But it’s also telling us the Fed’s policy is working.”

The Federal Reserve has repeatedly raised interest rates by 0.75% since the spring to try to curb inflation and create downward pressure on the spending market.

“What the fed wants is to slow down or cool down our economy,” Feng said. “They do not want to cause a crash in the labor market. They want a soft landing, not a hard landing.”

The 896 new jobless claims in Nebraska are the highest since there were 1,168 for the week ending Jan. 22, 2022. For some perspective, in the six weeks following the start of the pandemic, Nebraska averaged about 17,000 new jobless claims per week.

Heading into the holidays, Feng said now is not the time to panic.

“We’re heading into the new year – 2023 – and many economists believe our economy or global economy is doing slightly better than we feared,” he said.

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