The number of Americans filing for unemployment benefits last week rose to its highest level since mid-November, but remains low by historical standards.
The number of US jobless claims rose 23,000 to 230,000 last week, the Labor Department said on Thursday. The 4-week moving average, which dampens the weekly pullbacks, has rallied near 6,300 to nearly 211,000.
Weekly applications, a proxy for layoffs, have increased in four of the past five weeks, a period that parallels the spread of the omicron variation. However, the job market has recovered strongly from last year’s coronavirus recession. Unemployment has mostly been falling steadily for about a year, and they fall below the pre-pandemic average of about 220,000 a week.
The increase in claims likely reflects an increase in layoffs due to the increase in COVID cases, said economists Nancy Vanden Houten and Kathy Bostjancic of Oxford Economics. “The claims are likely to remain bullish in the near term, but we expect initial claims to pull back to the 200k level as the omicron wave passes. Encouragingly, there are signs that cases from the omicron variant are peaking. “
In total, 1.6 million people received unemployment aid in the week ending January 1.
Companies are retaining workers at a time when it is difficult to find replacements. Employers posted 10.6 million jobs in November, the fifth-highest monthly total on records since 2000. A record 4.5 million workers quit in November. – a sign that they are confident enough to look for something better.
The job market has recovered from the brief but intense coronavirus recession last year. As COVID-19 hit, governments ordered lockdowns, consumers gathered at home, and many businesses closed or cut hours. Employers cut millions of jobs in March and April 2020, and the unemployment rate spiked to 14.7%.
But massive government spending – and ultimately the launch of a vaccine – brought the economy back. Last year, employers added a record 6.4 million jobs – but that’s still not enough to make up for the unprecedented 9.4 million job losses in 2020. And hiring Employment slowed in November and December last year as employers struggled to fill jobs.
However, the unemployment rate last month fell to a pandemic low of 3.9%.
Copyright 2022 Fort Myers Broadcasting Company. Copyright Registered. This material may not be published, broadcast, rewritten or redistributed without prior written consent.
https://www.winknews.com/2022/01/13/u-s-jobless-claims-rise-by-23000-to-230000/ Unemployment claims in the US increased by 23,000 to 230,000 VND