US Jobless Benefit Claims Drop Last Week

Claims for jobless compensation in the United States fell for the first time last week to their lowest point since the coronavirus pandemic hit the US more than a year and a half ago. This was reported by the Ministry of Manpower, Thursday (14/10).

A total of 293,000 unemployed workers applied for aid, down 36,000 from the previous week’s figure. The number of claims was the lowest since mid-March last year, when the total claims totaled 256,000, the government said.

The new figures are an indication the US economy, the world’s largest, is generally still recovering from the worst economic fallout from the coronavirus pandemic in 19 months, even as President Joe Biden and policymakers in Washington expressed concern about other warning signs that could be disruptive. American economy.

Unemployment compensation filings are often seen as the latest sign of the nation’s economic health, but economists are wary of sharp increases in consumer goods prices, consumer goods supply chain problems that have severely slowed the process of unloading dozens of container ships on the US Pacific coast, and job growth that has slowed down the process of unloading dozens of container ships on the US Pacific coast. still small.

Even as the US said last month that its world’s leading economy grew at a 6.7 percent annualized rate in the April-June period, in September it added only a disappointing 194,000 new jobs, down further from August’s figure of 235,000. The unemployment rate fell to 4.8 percent, but that’s because thousands of workers decided to leave the labor force.

About 8.4 million workers remain unemployed, while there are 10.4 million job openings in the United States, but the available worker skills often do not match what employers want, or job vacancies are not where the unemployed live.

Even with limited job growth, the size of the US economy — nearly $23 trillion — is now exceeding pre-pandemic levels as it recovered more quickly than many economists had expected during the worst business shutdown in more than a year.

Policymakers at the Federal Reserve, the Central Bank of America, have signaled that in November they could start to halt the stimulus program for the pandemic and next year could start raising its benchmark interest rate. [lt/jm]

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