BREAKING: The median duration of unemployment in the US rose to 10.5 weeks in November, the longest in 3 years.
At the same time, the average unemployment duration rose to 23.7 weeks, the highest since April 2022.
Both metrics have been now rising at the pace previously seen at the onset of the last 4 recessions.
This comes as the number of Americans who have been unemployed for 27+ weeks hit 1.7 million, the highest since January 2022.
All while the hiring rate fell to 3.3%, the lowest level since the 2020 Pandemic.
The labor market is contracting.
BREAKING: The median duration of unemployment in the US rose to 10.5 weeks in November, the longest in 3 years.
At the same time, the average unemployment duration rose to 23.7 weeks, the highest since April 2022.
Both metrics have been now rising at the pace previously seen at… pic.twitter.com/icS7RrQQgv
— The Kobeissi Letter (@KobeissiLetter) December 7, 2024
I will be watching California's continuing claims this week. They are currently about 4,000 higher than last year's week before Thanksgiving. I am surprised how high California’s continuing claims are given all the unemployed workers that have exhausted their benefits,… pic.twitter.com/O1aFU4vOCD
— WarnTracker 2.0 (@j77324) December 7, 2024
Strong jobs report?
Think again.
❌Unemployment rate is higher than in December 2021.
❌The labor force participation rate is below pre-pandemic level and declining in November.
❌Employment-to-population ratio is also below 2019 level and declining in November.
❌800k more… pic.twitter.com/VclWAbq9rB— Daniel Lacalle (@dlacalle_IA) December 6, 2024
Layoffs in November went up to 4% month over month, which is quite a bit heading into the holiday season. At the same time people who are losing their jobs are finding it much more difficult to land a new job. It’s taking people anywhere between 3 to 6 months to find a new job so even people who have been financially responsible and has an emergency fund might not be able to make it last long enough. But this is a great economy!