Initial jobless claims spiked 62k last week - thanks to a 51k surge in Texas - as the impact of Hurricane Harvey ripples (transitorily) through economic data.
This 26% spike in claims is the largest since 2005 (and biggest absolute rise since 2012).
The 298k print is the highest since April 2015.
If you count yourself among the unlucky residents of Southern Florida where Hurricane Irma looks likely to make her continental U.S. landfall, you may want to take notice of a new study just published by Kelly Edmiston of the Federal Reserve Bank of Kansas City which details the devastating toll that hurricanes can take on your hard-earned credit score.
Slowly but surely it is becoming increasingly clear to public workers in states with massively underfunded pensions that they've been lied to for the past several decades as their states can't possibly afford to pay for the retirement they've all been promised. As a local radio station in Bowling Green points out today, fears over potential pension changes in Kentucky have resulted in a surge of early retirements as workers move to lock in payouts before any potential cuts go into effect.
Authored by Paul Craig Roberts,
Today is Labor Day, a difficult day to celebrate now that American labor has been cast aside and US jobs offshored and given to foreigners.
The remainder of the jobs is slated to be replaced by robotics.
Authored by Gary Galles via Mises Canada,
Labor Day is supposed to honor all American workers. And every year, union Labor Day rhetoric does just that. Unfortunately, it then makes the false leap to the claim that unions advance the interests of all American working men and women, not just their members.