Latest news with #GrayandChristmas
Yahoo
5 days ago
- Business
- Yahoo
Weekly U.S. initial jobless claims rise by 8,000
June 5 (UPI) -- Eight thousand more Americans filed initial unemployment claims for the week ending May 31, according to a Thursday Department of Labor report. The total number of seasonally adjusted initial unemployment claims for the week were 247,000, -- 8,000 higher than the previous week. The four-week moving average of initial unemployment claims was also 8,000 higher for a total of 1,895,250. It's the highest since November 27, 2021 when it was 1,923,500. "The advance number of actual initial claims under state programs, unadjusted, totaled 208,642 in the week ending May 31, a decrease of 3,128 (or -1.5%) from the previous week. The seasonal factors had expected a decrease of 10,505 (or -5.0%) from the previous week. There were 196,177 initial claims in the comparable week in 2024," The Labor Department said in a statement. The jobless claims report comes as U.S. layoffs are 47% higher this May than last, according to Challenger, Gray and Christmas. The insured unemployment rate - meaning the percentage of the workforce covered by unemployment insurance and receiving benefits - was 1.2% for the week ending May 24. Highest number of initial jobless claims came in Michigan (+3,259), Nebraska (+1,328), California (+ 1.041), Florida (+977) and Virginia (+947). The largest decreases were in Massachusetts (-747), Illinois (-744), Texas (-601), Washington (-307), and New York (-259).
UPI
5 days ago
- Business
- UPI
Weekly U.S. initial jobless claims rise by 8,000
June 5 (UPI) -- Eight thousand more Americans filed initial unemployment claims for the week ending May 31, according to a Thursday Department of Labor report. The total number of seasonally adjusted initial unemployment claims for the week were 247,000, -- 8,000 higher than the previous week. The four-week moving average of initial unemployment claims was also 8,000 higher for a total of 1,895,250. It's the highest since November 27, 2021 when it was 1,923,500. "The advance number of actual initial claims under state programs, unadjusted, totaled 208,642 in the week ending May 31, a decrease of 3,128 (or -1.5%) from the previous week. The seasonal factors had expected a decrease of 10,505 (or -5.0%) from the previous week. There were 196,177 initial claims in the comparable week in 2024," The Labor Department said in a statement. The jobless claims report comes as U.S. layoffs are 47% higher this May than last, according to Challenger, Gray and Christmas. The insured unemployment rate - meaning the percentage of the workforce covered by unemployment insurance and receiving benefits - was 1.2% for the week ending May 24. Highest number of initial jobless claims came in Michigan (+3,259), Nebraska (+1,328), California (+ 1.041), Florida (+977) and Virginia (+947). The largest decreases were in Massachusetts (-747), Illinois (-744), Texas (-601), Washington (-307), and New York (-259).
CNBC
20-05-2025
- Business
- CNBC
4 expert tips to bounce back after losing your job: ‘Surround yourself with people who are in your corner'
From the tech industry to the federal government, thousands of American workers have been affected by widespread layoffs in 2025. This year, U.S.-based employers announced 275,240 job cuts in March, a 205% increase compared to March 2024, according to outplacement services firm Challenger, Gray and Christmas. If you recently found yourself unexpectedly back on the job market, you're in good company. "I always say to people that it's almost rare to find someone these days who hasn't experienced a layoff," says NYC-based career coach Eliana Goldstein. While losing your job can be demoralizing, it's essential to remember that a layoff is not a reflection of your abilities or worth. If you're struggling with low confidence after a layoff, these expert-approved tips will help you find your groove again. After that dreaded meeting with HR is over, "the first thing to do is calm yourself down," says career coach and licensed mental health counselor Lynn Berger. "You have to go through the stages of grief — some people expect it, but for some people it's a shock, and you have to give yourself time to absorb that," Berger says. "You really need to take a moment and respond, versus reacting." Phoebe Gavin, a career and leadership coach, advises her clients to take at least 24 hours to process the news before making any big decisions. "We tend to make our worst decisions when we're feeling our strongest emotions, whether they're positive emotions or more difficult emotions. That tends to be when the logic side of our brain is a little bit turned down," she says. Instead of trying to suppress negative emotions, Gavin recommends leaning into them. "You need to actually engage with them, because those thoughts and feelings are not going to just disappear," she says. It's understandable if searching for a job is your top priority, but maintaining your mental and physical health is key to your future success. "Above all, take care of yourself," Berger says. Make time each day to unwind and relax, whether you prefer to meditate, exercise, pursue a creative project or spend quality time with loved ones. Some of Berger's clients used their newfound free time after a layoff to expand their social circle and spend more time with family. "I know people that have made new friends, that have taken on new hobbies, or that spent more time with people they didn't have opportunity to spend time with before," Berger says. Enjoy your more flexible schedule, but resist the urge to sleep in: maintaining a consistent schedule will help you stay motivated, Goldstein says. "Try to keep to your normal routine in terms of the time you usually wake up and the time that you usually go to bed," she says. "All these things can impact your psyche and how you're feeling about yourself." According to Gavin, after losing your job, "the most important thing you can do is find community and support." The stigma around being laid off has lessened in recent years, but many people still find it difficult to talk about their experiences openly. "It makes sense for people to still feel shame," Gavin says: "We have years of societal conditioning that if you get fired or if you get laid off, that is a reflection of your value as a person." It's important to make a conscious effort to maintain your relationships with professional contacts and former co-workers. "The more you surround yourself with people who are in your corner — people who have expertise, people who have access to opportunities – the easier it's going to be to not feel alone," she says. Gavin also recommends consulting a career coach, talking to a mental health counselor and opening up to family and friends for extra support. Whether you're hoping to level up within your industry or pivot to a new path, learning a new skill is a great way to show employers that you used your free time to the best of your ability, Berger says. "Building up your skills can also build up your confidence — and it gives you something to talk about in an interview," Berger says. Goldstein recommends looking into courses and certifications listed in the job descriptions of roles in your desired field. "If you are clear on the roles that you're targeting and where you want to go next, then you can think about some of the gaps between where you want to go and where you are now," she says. ,
The Hill
02-05-2025
- Business
- The Hill
Trump budget exposes GOP divisions
The U.S. added more jobs than expected in April, a sign the labor market remains sturdy even as executives warn about fallout from tariffs. Markets jumped Friday after the Labor Department announced the U.S. economy added 177,000 jobs against an expected 130,000. The jobless rate remained steady at 4.2 percent. A new report from outplacement firm Challenger, Gray and Christmas found that nearly half of all layoffs in 2025 have been the result of the Department of Government Efficiency 's (DOGE) efforts to slash the federal workforce. The White House trumpeted the jobs 'boom,' a day after President Trump and Vice President Vance said former President Biden is responsible for the current state of the economy. 'This is the second month in a row where the jobs report has beat expectations,' press secretary Karoline Leavitt said. 'Wages are continuing to rise and labor force participation is increasing. This is exactly what we want to see. More Americans working for higher wages. More winning is on the way!' The markets were also buoyed by a statement from the Chinese government signaling an openness to trade talks, saying 'the door is open.' 'China has noticed that the senior leadership of the United States has repeatedly stated that it is willing to negotiate with China on tariff issues,' a spokesperson for the Chinese Ministry of Commerce said Friday. 'At the same time, the United States has recently taken the initiative to convey information to China through relevant parties, hoping to talk to China. In this regard, China is evaluating it.' Still, executives are warning that tariffs will cut into their profits. Apple CEO Tim Cook said on an earnings call that the tariffs could torpedo Apple's second quarter profits. 'For the June quarter, currently we are not able to precisely estimate the impact of tariffs, as we are uncertain of potential future actions prior to the end of the quarter,' he said. 'However, for some color, assuming the current global tariff rates, policies, and applications do not change for the balance of the quarter and no new tariffs are added, we estimate the impact to add $900 million to our costs.' Also on Friday, the U.S. closed the so-called de minimis loophole that allowed companies to ship cheap goods into the U.S. while skirting import fees. Chinese companies, such as clothing giant Temu, feasted on the exemption. The White House accused China of 'deceptive shipping practices' as part of an effort to exploit the loophole. Going forward, Chinese parcels worth less than $800 will be subject to a fee, on top of the existing 145 percent tariffs on Chinese goods. Canadian Prime Minister Mark Carney will meet with Trump in Washington on Tuesday amid the trade war and the president's expressed desire to annex Canada. Carney, who is fresh off an election victory, has responded to Trump's threats with his own tough talk. 'President Trump is trying to break us so he can own us,' Carney said in his election victory speech. 'That will never happen.' Despite the recent back-and-forth, Trump this week said he called Carney to congratulate him, saying 'he couldn't have been nicer.' 'He's a very nice gentleman,' Trump said.
Yahoo
01-05-2025
- Business
- Yahoo
Almost half of layoffs this year driven by DOGE: Report
Nearly half of all layoffs so far in 2025 have been driven by cuts related to the Department of Government Efficiency's (DOGE) efforts to slash government funding and reduce the size of the federal workforce, according to a new report from outplacement firm Challenger, Gray and Christmas. The report shows that 'DOGE Actions' led to 283,172 job cuts in the first four months of 2025, and 'DOGE Downstream Impact' was cited as the reason for another 6,945 job losses, which the report indicates largely come from non-profits and education organizations. Together, that accounts for 48 percent of all job cuts announced so far this year. The vast majority of job cuts related to 'DOGE Actions' occurred in March, which saw 216,670 positions cut. Government job cuts last month also accounted for the vast majority of layoffs across all sectors, which totaled 275,240 in March. In April, job cuts attributed to DOGE plummeted, with just 2,919 announced cuts attributed to the government cost-cutting initiative spearheaded by tech billionaire Elon Musk. But April still saw a high number of job cuts — 105,441 — the highest level since April 2020, which was the highest month ever recorded by the outplacement firm, which began reporting on job cuts in 1989. Reasons given for April cuts include 'Market/Economic Conditions' and tariffs and restructuring. 'Though the Government cuts are front and center, we saw job cuts across sectors last month. Generally, companies are citing the economy and new technology,' said Andrew Challenger, the firm's senior vice president. 'Employers are slow to hire and limiting hiring plans as they wait and see what will happen with trade, supply chain, and consumer spending.' Gross domestic product shrank during the first quarter of 2025 as a surge of imports ahead of President Trump's tariffs, which he announced in March and later delayed for 90 days, hit economic growth calculations. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
