4/2 Jobless Claims Tire and Rubber Industry Update

Its no surprise to anyone that the unemployment numbers are going to skyrocket but this one was above expectations. The latest report is as of 8:30AM on April 2nd. According to DOL.GOV the advance figure for seasonally adjusted initial claims was 6,648,000, an increase of an increase of 3.3 million from the previous week’s revised level of 3.3 million. This is an enormous number and isn’t surprising to many analysts or Americans. But the consensus was this number was most likely going to be lower.  According to CNBC’s picture below we can see the estimates were actually all below the expectations of major analysts and banks.

weekly jobless claims April

Bottom line, as we can see from this week’s and last week’s numbers, both of which significantly exceeded expectations, COVID-19 is taking an even larger toll on the U.S. workforce than initially feared. Although the tire industry is largely considered essential in the retail channel, we are seeing most of the other channels shutting down. 

Image and full report can be viewed here: 

blog DOL April 2nd

https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20200551.pdf

Tire Talent Logo

Tire Talent’s Unique Take in conversations in the past weeks: 

  • 90% of our clients have paused their searches with our firm
  • 90%+ of our manufacturing clients headquarters have gone fully remote
  • Many companies are struggling to maintain seamless continuity as their teams are not used to being remote
  • Due to the lag in business, many people are easier to reach over the phone and by email. This is positive because that means this is a great time to build relationships and rapport with prospective employees and business partners

Moving forward….  We’re thankful to all of the frontline employees that continue to sacrifice and show up to work every day and encourage all retail and service businesses to maintain health and safety as the top priority. (Written by Mike Cioffi the founder of TireTalent.com)

Read the full report here:  https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20200551.pdf