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Unemployment claims rise in US and Nebraska

ROB AND JULIE, THANK YOU BOTH. WELL, US JOBLESSNESS CLAIMS STAND RIGHT HERE IN NEBRASKA, BUT A LOCAL ECONOMIC EXPERT SAYS AND NOW IS NO TIME TO PANIC. BILL SCHNEIDER IS LIVE WITH THIS ROB. JULIE HE TELLS ME PANIC THAT PEOPLE SHOULD DO THE LAST THINGS IN THE HOLIDAYS. IN FACT, I WAS TOLD THAT THE DATA COULD ACTUALLY BE A GOOD THING. HERE’S A CLOSER LOOK AT THE EVEN TODAY NUMBERS. NATIONALLY, THERE ARE 240,000 NEW JOBLESS CLAIMS FOR THE WEEK ENDING 19TH. THAT’S ABOUT 8% UP FROM THE WEEK BEFORE. IN NEBRASKA THE NUMBER JUMPED TO 896, AN INCREASE OF NEARLY 50% OVER THE PREVIOUS WEEK. AND THE HIGHEST SINCE JANUARY THIS YEAR. EXPERTS SAY NATIONAL RISE TO FUNDAMENTAL DUE TO THE TECH SECTOR. WE HAVE THERE LIKE A MIX. MIXED MESSAGE. ON THE ONE HAND, THESE ANIMALS FEEL HOW THEY FEEL. WE WILL ALL FEEL THE PRESSURE, BUT THIS MAY ALSO TELL US THAT IS POLICIES WORK. OF COURSE, IT IS ABOUT THE FED’S POLICY TO RISE INTEREST RATES. MORE ECONOMIC NEWS COMING THIS WEEK SHOWING THE YEAR-TO-YEAR DIFFERENCE IN WEEKLY WAGES IN DOUGLAS COUNTY. THE AVERAGE PERSON EARNS $1,187 PER WEEK. THIS IS INCREASED BY THREE AND A HALF PERCENT SINCE LAST YEAR,

‘Still resilient’: US and Nebraska jobless claims rise

In the US, jobless claims rose about 7.6% last week to a seasonally adjusted figure of 240,000.

In the US, jobless claims rose about 7.6% last week to a seasonally adjusted figure of 240,000. That’s the highest since the week ended August 13, 2022, when claims hit 245,000. Claims in Nebraska rose significantly by about 49%, but at 896 the number is still relatively low. The number of continuing applications for the week ended November 19 was 2,608, similar to pre-pandemic numbers in fall 2019. “Nebraska’s economy is very resilient to the broader swings,” said Dr. Zhigang Feng, economist and professor at the University of Nebraska-Omaha. At 2.4%, Nebraska currently has the fifth lowest unemployment rate in the state. The top four are Minnesota, Utah, North Dakota, and Vermont. “The economy is still robust and will recover quickly. With that in mind, we shouldn’t worry too much about what’s going on in the labor market,” Feng said. In fact, he said this could be a sign that inflation has slowed – a mixed message,” he said. “On the one hand, as unemployment rises, we’re going to feel the tightness Working.” Creating downward pressure on the issuance market. “What the Fed wants is to slow down or cool down our economy,” Feng said. “They don’t want to cause a crash in the job market. They want a soft landing, not a hard landing.” The Nebraska’s 896 new jobless claims are the highest since 1,168 in the week ending Jan. 22, 2022. From some perspective, Nebraska has averaged about 17,000 new jobless claims per week in the six weeks since the pandemic began Heading into the holidays, Feng said “Now is not the time to panic. We are approaching the new year – 2023 – and many economists believe that our economy or the world economy is getting better he’s leaving than we feared,” he said.

In the US, jobless claims rose about 7.6% last week to a seasonally adjusted figure of 240,000. That’s the highest since the week ended August 13, 2022, when claims hit 245,000.

Claims in Nebraska rose significantly by about 49%, but at 896 the number is still relatively low. The number of continued applications for the week ended November 19 was 2,608, similar to before the fall 2019 pandemic.

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

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

“The economy is still robust and will recover quickly. With that in mind, we shouldn’t worry too much about what’s going on in the labor market,” Feng said.

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

“We have a mixed message,” he said. “On the one hand, we will feel the pressure as unemployment rises. But it also shows us that Fed policy is working.”

The Federal Reserve has repeatedly hiked interest rates by 0.75% since the spring to try to contain inflation and put downward pressure on the spending market.

“What the Fed wants is to slow down or cool down our economy,” Feng said. “They don’t want to cause a crash in the job market. They want a soft landing, not a hard landing.”

Nebraska’s 896 new jobless claims are the highest since there were 1,168 in the week ended January 22, 2022. For some perspective, Nebraska has averaged about 17,000 new jobless claims per week for the six weeks since the pandemic began.

On the way to vacation, Feng said now is not the time to panic.

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

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