Tuesday, January 18, 2022

US jobless claims climb to 207K

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The number of U.S. workers filing unemployment claims rose slightly, but remained at a record low in the hard labor market, according to data released Thursday.

Data released by the Department of Labor showed 207,000 initial unemployment claims in the week ended Jan. 1. That figure rose to 7,000 from the 200,000 claims reviewed last week.

According to estimates by Acesparks, analysts expected Labor Department data to show 195,000 claims. The figures show the limited initial impact of the Omicron option, which has led to an increase in COVID-19 cases and renewed pandemic-related concerns for businesses.

“New unemployment claims have risen slightly in the last week, but remain close to the lowest level in decades,” Mark Hamrick, a senior economic analyst at Bankrate, told the Associated Press. “This shows that workers can be confident about job security and employment prospects for this year.”

As of the week ending December 25, 2021, an estimated 1.75 million Americans were claiming unemployment benefits.
unemployment claims
Data released by the Department of Labor showed 207,000 initial unemployment claims in the week ended Jan. 1.

The four-week moving average of Americans filing unemployment claims was 204,500. That number rose to 4,750 from an average of 199,750 last week.

About 1.75 million Americans were claiming unemployment benefits in the week ending Dec. 25, up 36,000 from the previous week.

Weekly unemployment claims are an indicator of layoffs in the U.S. economy. However, in recent months, the numbers have been declining as U.S. employers have competed to fill roles in the tight labor market.

According to the Department of Labor, the numbers have improved significantly since the pandemic began.
According to the Department of Labor, the numbers have improved significantly since the pandemic began.
In the first week of the new year, the number of U.S. workers filing unemployment claims rose to 7,000, but remains historically low.
In the first week of the new year, the number of U.S. workers filing unemployment claims rose to 7,000, but remains historically low.

Earlier this week, the Department of Labor reported a record 4.5 million Americans left their jobs in November. In the same month, U.S. employers announced 10.6 million jobs.

The numbers have improved significantly since the pandemic began. In April 2020, the number of weekly claims exceeded 6 million.

“Some businesses will be temporarily closed during the holiday season, leading to an increase in applications for unemployment benefits,” Citigroup economist Veronica Clark told Acesparks.

Analysts are watching the impact of the Omicron option on the U.S. economy as the number of cases increases.
Analysts are watching the impact of the Omicron option on the U.S. economy as the number of cases increases.
Jeannie Santamaria (center), human resources coordinator for Cream-O-Land during a job fair for truck drivers and warehouse workers at the company’s Jersey City warehouse.
Jeannie Santamaria (center), human resources coordinator for Cream-O-Land, during a job fair for truck drivers and warehouse workers at the company’s warehouse in Jersey City.

“As the shortage of workers has been a constant problem and the employment rate is already lower than expected, this impact has been less in the last holiday season.”

Analysts will monitor the impact of the Omicron option on the recovery of the U.S. economy in the coming weeks. The U.S. recorded nearly 1 million COVID-19 infections on Monday, a new global record.

The Department of Labor will release its December jobs report on Friday.

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