Increase in Jobless Claims as Big Business goes on a hiring freeze

A "Now Hiring" sign outside a Lowe's store in Dublin, California, on May 11, 2022. (David Paul Morris/Bloomberg via / Getty Images

Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • Jobless claims climb again, hovering near 8-month high
  • “Initial unemployment claims rose again during the latest week in an upward trajectory with no quick end in sight,” said Robert Frick, corporate economist at Navy Federal Credit Union.
  • With a plethora of companies, including Alphabet’s Google, Walmart, Apple, Meta and Microsoft, announcing hiring freezes or layoffs in recent weeks.
  • There are growing fears that the U.S. economy is on the cusp of — or already in — a recession as a result of the Federal Reserve’s war on inflation. The central bank is raising interest rates at the fastest pace in decades as it races to cool consumer prices, which surged 9.1% in June — the fastest year-over-year increase since 1981.

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