clearn.png
Saturday May 28th, 2022 5:36AM

US jobless claims unchanged at 205,000

By The Associated Press
Related Articles
  Contact Editor

The number of Americans applying for unemployment benefits was unchanged last week, remaining at a historically low level that reflects the job market's strong recovery from the coronavirus recession last year.

Jobless claims remained at 205,000. The four-week average, which smooths out week-to-week ups and downs, rose to just over 206,000. The numbers suggest that the spread of the omicron variant did not immediately trigger a wave of layoffs.

“Fortunately, there’s no evidence in this data of a new wave of fresh job loss,'' said Mark Hamrick, senior economic analyst at Bankrate.com. “The pandemic’s resurgence is affecting the economy. The question is for how long and how much, and it (is) too early to know the answers.”

Altogether, 1.9 million Americans were collecting traditional unemployment aid the week that ended Dec. 11.

The weekly claims numbers, a proxy for layoffs, have fallen steadily most of the year. Employers are reluctant to let workers go at a time when it's so tough to find replacements. The United States had a near-record 11 million job openings in October, and 4.2 million Americans quit their jobs — just off September's record 4.4 million — because there are so many opportunities.

The job market has bounced back from last year's brief but intense coronavirus recession. When COVID hit, governments ordered lockdowns, consumers hunkered down at home and many businesses closed or cut back hours. Employers slashed more than 22 million jobs in March and April 2020, and the unemployment rate rocketed to 14.8%.

But massive government spending — and eventually the rollout of vaccines — brought the economy back. Employers have added 18.5 million jobs since April 2020, still leaving the U.S. still 3.9 million jobs short of what it had before the pandemic. The unemployment rate has fallen to 4.2%, close to what economists consider full employment.

© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
US jobless claims unchanged at 205,000
The number of Americans applying for unemployment benefits was unchanged last week, remaining at a historically low level that reflects the job market’s strong recovery from the coronavirus recession last year
9:10AM ( 8 minutes ago )
Live updates: UAE reports most daily cases since August
The United Arab Emirates has recorded its highest daily number of coronavirus cases since August
9:05AM ( 13 minutes ago )
''It's not us who threaten anyone': Putin urges NATO pledges
Russian President Vladimir Putin has urged the West to “immediately” meet Russia’s demand for security guarantees precluding NATO’s expansion to Ukraine and the deployment of the military alliance's weapons there
8:51AM ( 26 minutes ago )
Associated Press (AP)
Belgium commits to phasing out existing nuclear power plants
The Belgian government has tentatively committed to phasing out the country’s existing nuclear power plants by 2025
7:24AM ( 1 hour ago )
2021 Notebook: US withdrawal and Afghanistan's next chapter
For Afghanistan, 2021 was punctuated by the chaos of a U.S. withdrawal and an uncertain next chapter
5:02AM ( 4 hours ago )
Live updates: Israeli man detained in Thailand over virus
Officials in Thailand say an Israeli tourist who left quarantine while apparently infected with the omicron variant of the coronavirus has been detained on a southern resort island
4:35AM ( 4 hours ago )
AP Business
Asian shares extend gains in thin pre-Christmas trading
Asian shares are higher after stocks advanced on Wall Street, buoyed by encouraging reports about the potential impact of the omicron variant of coronavirus
1:24AM ( 7 hours ago )
Asian shares track Wall St higher on upbeat US data
Asian shares are modestly higher after stocks advanced on Wall Street with encouraging reports about the potential impact of the omicron variant of coronavirus
12:10AM ( 9 hours ago )
Asian shares track Wall S higher on upbeat US data
Asian shares are modestly higher after stocks advanced on Wall Street with encouraging reports about the potential impact of the omicron variant of coronavirus
11:35PM ( 9 hours ago )
AP Business - Economy
Live updates: UAE reports most daily cases since August
The United Arab Emirates has recorded its highest daily number of coronavirus cases since August
9:05AM ( 13 minutes ago )
''It's not us who threaten anyone': Putin urges NATO pledges
Russian President Vladimir Putin has urged the West to “immediately” meet Russia’s demand for security guarantees precluding NATO’s expansion to Ukraine and the deployment of the military alliance's weapons there
8:51AM ( 27 minutes ago )
Infrastructure bill to aid US tribes with water, plumbing
The massive infrastructure bill signed earlier this year promises to bring change to Native American tribes that lack clean water or indoor plumbing through the largest single infusion of money into Indian Country
8:43AM ( 34 minutes ago )
US delays intelligence center targeting foreign influence
Two years have passed since Congress directed the creation of an intelligence center to lead efforts to stop election interference by foreign adversaries
8:18AM ( 59 minutes ago )
To grandmother's house or no? Omicron disrupts holiday plans
For the second year in a row, the ever-morphing coronavirus presents would-be holiday revelers with a difficult choice: cancel their trips and celebrations yet again or figure out how to forge ahead as safely as possible
7:59AM ( 1 hour ago )