Posts tagged Jobs Report
Unemployment rate steady as CT Labor Dept notes massive fraud
July 21, 2023 // The Connecticut Business and Industry Association, meanwhile, did not see many positives to the most recent report. “The June numbers point to the ongoing volatility in Connecticut’s job market while highlighting the challenges we face with resolving the labor shortage crisis,” CBIA CEO Chris DiPentima said in a statement. “Connecticut’s year-over-year job growth is now just 1.2%, well below the national average of 2.5%, and among the slowest of all states.” DiPentima also pointed to continued declines in the state’s overall workforce, something the organization highlighted last month. The number of people working in the state has declined since last year and while the CBIA does not know exactly why that is, they say it poses a concern for business leaders in the state who may not be able to fill open positions. All of this comes just one day after the Department of Labor issued an alert to Connecticut residents saying that they have found nearly 75% of unemployment claims to be the result of fraud. These fraudulent claims, they say, are the result of identity theft, and consumers in the state should be on alert for any changes to their credit reports. If you do notice fraud, you are urged to report it. You should also report to the department if you receive a tax form from them but did not file for unemployment benefits.
The Jobs Report Came in Strong. Don’t Celebrate Yet.
February 7, 2022 // The Biden administration is celebrating the better-than-expected 467,000 January job-creation numbers from the Bureau of Labor Statistics. But the new data put the Federal Reserve even further behind in fighting inflation, potentially setting up a 50 basis point increase in March, rather than the 25 basis point increase markets are primed for. That could send equities further down.