The Ministry of Labor reported Thursday that the first application for unemployment insurance fell to its lowest level since March 2020 last week, as another sign that the labor market has gradually improved since the Covid-19 era. ..
The first unemployment claims for the week ending August 28 totaled 340,000, compared to Dow Jones’ estimated 345,000. This is the lowest level of first billing since March 14, 2020, when the coronavirus pandemic caused a historic surge in unemployment benefits, with a total of 256,000 first billing.
The level of initial billing last week increased by 1,000 from 353,000 to 354,000.
The level of continuous billing, which is a measure of continuous benefits, was 2.75 million, a decrease of 160,000 from the revised level last week. The decline in recurring claims represents the lowest level of insured unemployment since the beginning of the Covid era.
Economists seeking stronger job creation said the federal unemployment allowance, a safety net for those who lost their jobs during the worst of the Covid-19 pandemic, will expire on September 6. increase. Open throughout the United States, parents may finally be able to return to the office.
Peter Boockvar, Chief Investment Officer of the Bleakley Advisory Group, said: “It makes sense that complaints continue to decline, as we can hear that it’s difficult to find a position just by listening to a company looking to expand.”
“Of course, you’ll hear what happens in the coming weeks when the classrooms are replenished, hopefully fine, parents return to work, and additional benefits expire,” he added.
The total number of continuing weeks for which benefits were claimed for all programs in all states for the week ending August 14 was 12.19 million, an increase of 178,526 from the previous week. In the same week of 2020, all programs received 29.75 million weekly claims for benefits.
Unemployment claims data arrives one day before the Ministry of Labor’s most important monthly employment report. This is a detailed update that Wall Street uses as an indicator of the broader US labor market.
The report shows how the US labor market progressed in August. Economists expect US employers to add 720,000 salaries last month, reducing the unemployment rate from 5.4% to 5.2%.
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The total number of unemployment insurance claims is 340,000, the lowest level since March 2020.
Source link The total number of unemployment insurance claims is 340,000, the lowest level since March 2020.