The U.S. Department of Labor reported that jobless claim applications rose to 263,000 last week, the highest recorded since October 2021. This comes on top of news concerning rising inflation as the price of gas, groceries and airfares all pushed higher.
Heather Long, chief economist at the Navy Federal Credit Union, responded to the new unemployment report on social media by writing: “Initial jobless claims soared to 263,000 last week. That’s the highest in almost 4 years. ‘Cost cutting’ is back among CEOs and that is corporate speak for more layoffs. It’s going to be a rough few months ahead as the tariffs impacts work their way through the economy. Americans will experience higher prices and (likely) more layoffs.”
Note: The Navy Federal Credit Union is financial institution similar to a bank that serves veterans and active duty members of the Navy, Army, Marine Corps, Air Force, Space Force, Coast Guard and their families. It also serves Department of Defense personnel.
More worrying news: Initial jobless claims soared to 263,000 last week. That's the highest in almost 4 years
— Heather Long (@byHeatherLong) September 11, 2025
"Cost cutting" in back among CEOs and that is corporate speak for more layoffs.
It's going to be a rough few months ahead as the tariffs impacts work their way through… pic.twitter.com/Ks01goVC3C
When one X user asked Long “Isn’t there an adjustment for Labor Day which could be a reason for such a higher print?”, she replied “Yes. That could definitely be a factor. But it’s still troubling to see such a big jump. As always, we wait for more data later this month…”
Fox News senior editor Jay Caruso also replied: “A significant factor was the claims resulting from the Texas floods. 15K alone.”
Long also reported: “The middle-class squeeze from tariffs is here. Inflation hit 2.9% in August, the highest since January and up from 2.3% in April. It’s troubling that so many basic necessities are rising in price again: Food, gas, clothing and shelter all had big cost jumps in August. And this is only the beginning.”
Long provided a chart of some items directly impacted by tariffs (below) including coffee which is up 21 percent from last August.
The middle-class squeeze from tariffs is here. Inflation hit 2.9% in August, the highest since January and up from 2.3% in April. It’s troubling that so many basic necessities are rising in price again: Food, gas, clothing and shelter all had big cost jumps in August. And this is… pic.twitter.com/uJrSb8jx2z
— Heather Long (@byHeatherLong) September 11, 2025
