Data came out this week that shows that jobless claims and reported unemployment has unexpectedly increased since last quarter period, as of data release March 25th.
While the current unemployment rate for 2023 only sits at 3.6% many economists are predicting unemployment for 2023 to hit 4.5%. Despite jobless claims increasing to 198,000 as of March 25th there has not been a significant increase in unemployment. The data from March 25th shows a 7,000 increase since last period and falls slightly above the estimate of 195,000.
This data also allows economists to compare data from 2022 - showing that while, there was a slight increase in GDP for the past quarter - growth elsewhere is slightly less than 2022 numbers.
This data will be interesting to track throughout 2023 - monthly and quarterly data will allow economists and businesses to gauge growth/changes as current events like the layoffs from tech companies, bank failures, and policy changes occur throughout 2023.
https://www.cnbc.com/2023/03/30/jobless-claims-edge-up-to-198000-higher-than-expected-.html
This is a very interesting topic especially when you look at what the cause of the unemployment originally was being Covid. It will be interesting to see if/when we will ever get back to a world not effected by the pandemic.
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