sunny.png
Sunday September 25th, 2022 4:41PM

More Americans apply for jobless aid last week

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — More Americans applied for unemployment benefits last week but the total number of people collecting jobless aid is at its lowest level in more than 50 years.

Jobless claims in the U.S. rose by 19,000 to 200,000 for the week ending April 30, the Labor Department reported Thursday. First-time applications generally reflect the number of layoffs.

The four-week average for claims, which softens some of the weekly volatility, rose 8,000 from the previous week to 188,000.

The total number of Americans collecting jobless benefits for the week ending April 23 fell by 19,000 from the previous week, to 1,384,000. That’s the fewest since January 17, 1970.

American workers are experiencing historically strong job security two years after the coronavirus pandemic plunged the economy into a brief but devastating recession. Weekly applications for unemployment aid have been consistently below the pre-pandemic level of 225,000 for most of this year, even as the overall economy contracted.

On Tuesday, the Bureau of Labor Statistics reported that U.S. employers posted a record 11.5 million job openings in March — an unprecedented two job openings for every person who is unemployed. A record 4.5 million Americans quit their jobs in March — a sign that they are confident they can find better pay or improved working conditions elsewhere.

Employers have added an average of more than 540,000 jobs a month for the past year, pushing the unemployment rate down to 3.6%. The Labor Department is expected to report Friday that the economy generated another 400,000 new jobs in April, according to a survey by the data firm FactSet. That would mark an unprecedented 12th straight month that hiring has come in at 400,000 or more.

The only thing hotter than the job market is inflation. On Wednesday, the Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point — its most aggressive move since 2000 — and signaling further large rate hikes to come.

The increase in the Fed’s key rate raised it to a range of 0.75% to 1%, the highest point since the pandemic struck two years ago.

The Commerce Department reported last month that the U.S. economy shrank last quarter for the first time since the pandemic recession struck two years ago, contracting at a 1.4% annual rate, even as consumers and businesses kept spending in a sign of underlying resilience.

  • Associated Categories: Associated Press (AP), AP National News, AP Online National News, Top General short headlines, AP Business, AP Business - Economy
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
OPEC+ opens oil taps gradually as Russian war roils markets
OPEC and allied oil-producing countries are gradually increasing the amount of crude they send to the world
8:54AM ( 4 minutes ago )
UK, Japan leaders hold meet with security, Russia on agenda
Britain and Japan have unveiled a new defense agreement against the backdrop of the war in Ukraine
8:45AM ( 12 minutes ago )
Live updates | Global donors pledge $6.5 billion for Ukraine
Poland’s Prime Minister Mateusz Morawiecki says that $6.5 billion has been raised at an international donors’ conference in Warsaw to provide humanitarian help for war-torn Ukraine
8:45AM ( 12 minutes ago )
Associated Press (AP)
WHO: Nearly 15M deaths associated with COVID-19
The World Health Organization is estimating that nearly 15 million people were killed either by the coronavirus or by its impact on overwhelmed health systems in the past two years, more than double its official death toll
8:02AM ( 55 minutes ago )
The AP Interview: Belarus admits Russia's war 'drags on'
Belarus’ authoritarian President Alexander Lukashenko is defending Russia’s invasion of Ukraine in an interview with The Associated Press, but he said he didn’t expect the 10-week-old conflict to “drag on this way.”
7:57AM ( 1 hour ago )
Hong Kong reopens beaches, Beijing relaxes quarantine rules
Hong Kong is reopening beaches and pools in a relaxation of COVID-19 restrictions, while China's capital Beijing is easing quarantine rules for arrivals from overseas
7:53AM ( 1 hour ago )
AP National News
President declares disaster in New Mexico wildfire zone
Firefighters have slowed the advance of the largest wildfire in the U.S. as heavy winds relented
1:05AM ( 7 hours ago )
Abuse-clouded prison gets attention, but will things change?
The director of the federal Bureau of Prisons and a task force of senior agency officials traveled recently to a federal women's prison in California
1:04AM ( 7 hours ago )
Rising interest rates in US will hinder foreign economies
When the Federal Reserve raises interest rates — as it did Wednesday — the impact doesn’t stop with U.S. homebuyers paying more for mortgages or Main Street business owners facing costlier bank loans
12:23AM ( 8 hours ago )
AP Online National News
Live updates | New gas pipeline reduces dependence on Russia
A 500-million-euro ($530 million) Lithuanian-Polish natural gas transmission pipeline was inaugurated Thursday, completing another stage of regional independence from Russian energy sources
8:00AM ( 57 minutes ago )
Bank of England raises key rate to highest level in 13 years
The Bank of England has raised its key interest rate to the highest level in 13 years
7:40AM ( 1 hour ago )
Bank of England raises interest rate to highest in 13 years
The Bank of England has raised its key interest rate to the highest level in 13 years
7:09AM ( 1 hour ago )
AP Business
Live updates | French ecology minister confident in oil ban
France’s ecology minister says she is confident that the European Union’s 27 nations will quickly agree to a proposed ban on oil imports from Russia
4:23AM ( 4 hours ago )
Asian stocks rise after Fed chair downplays bigger rate hike
Asian stock markets have followed Wall Street higher after the Federal Reserve chairman downplayed the likelihood of bigger rate hikes following the U.S. central bank’s biggest increase in two decades
1:48AM ( 7 hours ago )
How higher Fed rates stand to affect Americans' finances
Record-low mortgages below 3% are long gone
7:43PM ( 13 hours ago )
AP Business - Economy
OPEC+ opens oil taps gradually as Russian war roils markets
OPEC and allied oil-producing countries are gradually increasing the amount of crude they send to the world
8:54AM ( 4 minutes ago )
UK, Japan leaders hold meet with security, Russia on agenda
Britain and Japan have unveiled a new defense agreement against the backdrop of the war in Ukraine
8:45AM ( 12 minutes ago )
W.Va. House race pits Trump loyalty against infrastructure
A GOP House race between incumbents in West Virginia pits a Donald Trump-endorsed congressman against one who voted with the Democrats for infrastructure funding
8:45AM ( 12 minutes ago )
Live updates | Global donors pledge $6.5 billion for Ukraine
Poland’s Prime Minister Mateusz Morawiecki says that $6.5 billion has been raised at an international donors’ conference in Warsaw to provide humanitarian help for war-torn Ukraine
8:45AM ( 12 minutes ago )
Mariupol steel mill battle rages as Ukraine repels attacks
Heavy fighting is raging at the besieged steel plant in Mariupol as Russian forces attempt to finish off the city’s last-ditch defenders and complete the capture of the strategically vital port
8:44AM ( 13 minutes ago )