The Labor Department reported that <strong>initial jobless claims</strong> dropped to its lowest level in three weeks, indicating demand for employees continues to be strong. Applications fell overall even as Hawaii reported a big spike after devastating wildfires. Claims in regular state programs declined 10,000 to 230,000 from the prior week’s reported 240,000 for the week ending August 19th. The four-week moving average rose to 236,750 from 234,500 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, declined 9,000 to 1.702 million for the week ending August 12th.

While we can’t prevent a natural disaster, anticipatory efforts can turn the tide during hurricane season. Now – prior to the crux of the hurricane season – is the time to create a new emergency plan or review, and familiarize employees with, existing strategies.

The Labor Department reported that <strong>i</strong><strong>nitial jobless claims</strong> fell by the most in five weeks, suggesting employers continue to be reluctant to reduce payrolls. While scattered layoffs and hiring freezes have occurred, the data do not show any real evidence of a pickup in layoff activity. The lack of supply of available labor makes it increasingly difficult to fill open positions. Claims in regular state programs declined 11,000 to 239,000 from the prior week’s reported 250,000 for the week ending August 12th. The four-week moving average rose to 234,250 from 231,500 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, rose 32,000 to 1.716 million for the week ending August 5th.

Welcome to the Stephens Public Finance 2023 Mid-Year Review. I am thrilled to share with you this summary of our insights and activities from the first half of 2023. Our bankers have captured their best ideas and distilled them into actionable takeaways for the municipal market.

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