Applications for U.S. state unemployment insurance jumped to a four-week high, indicating the labor market is suffering fresh setbacks even as the coronavirus pandemic shows signs of ebbing.
U.S. Jobless Claims Fell by More Than Expected Last Week
Bloomberg 1/28/2021 Olivia Rockeman
(Bloomberg) Applications for U.S. state unemployment benefits fell last week, signaling that job cuts may be easing after rising in December and early January.
Initial jobless claims in regular state programs fell by 67,000 to 847,000 in the week ended Jan. 23, Labor Department data showed Thursday. On an unadjusted basis, initial jobless claims dropped to 873,966.
Continuing claims an estimate of the number of Americans filing for ongoing unemployment benefits dropped by 203,000 to 4.77 million in the week ended Jan. 16. Bloomberg’s survey of economists had called for 875,000 initial claims and 5.09 million continuing claims.
President-elect Joe Biden will ask Congress for $1.9 trillion to fund immediate relief for the pandemic-wracked U.S. economy, a package that risks swift Republican opposition over big-ticket spending on Democratic priorities including aid to state and local governments.
President-elect Joe Biden will ask Congress for $1.9 trillion to fund immediate relief for the pandemic-wracked U.S. economy, a package that risks swift Republican opposition over big-ticket spending on Democratic priorities including aid to state and local governments.