fbpx
Cyber-wellness Means Cyber-awareRead more Addressing maternal mental healthcare in AfricaRead more Qatar v. Ecuador to kick off FIFA World Cup 2022™ on 20 NovemberRead more Webb Fontaine Announces Launch of Niger National Single Window (NNSW) to Bolster TradeRead more Ethiopia: Loan from United Nations Fund Allows Food and Agriculture Organization (FAO) to Scale Up Fertilizers for Farmers in TigrayRead more How Choosing the Right Printer Helps Small Businesses and Content Creators to Save Time, Maximise Productivity and Achieve GrowthRead more Eritrea: World Breastfeeding WeekRead more Eritrean community festival in Scandinavian countriesRead more IOM: Uptick in Migrants Heading Home as World Rebounds from COVID-19Read more Network International & Infobip to offer WhatsApp for Business Banking Services to Financial Institution Clients across AfricaRead more

US jobless claims edge down but linger above 400,000

show caption
New US jobless claims edged lower last week, but lingered above 400,000./AFP
Print Friendly and PDF

Jun 25, 2021 - 09:04 AM

NEW YORK — New applications for US unemployment benefits edged lower last week, resuming a downward trend, but lingering above 400,000 claims, according to US data Thursday.

Jobless claims came in at 411,000, seasonally adjusted, down 7,000 from the previous week’s revised level, according to Labor Department data.

Last week’s claims unexpectedly snapped a six-week streak of declines, lifting the level back above 400,000 after the June 3 weekly report came in below that level for the first time since the pandemic.

The data have shown gradual but not continuous progress as people have returned to work after historic layoffs last year. There were weekly reports of above six million new claims last spring in the wake of sudden lockdown measures at the height of the Covid-19 panic.

For the week ending June 5, the total number of people receiving aid under all programs crept up by 3,756 to over 14.8 million. The level was 31.3 million in the year-ago period.

Rubeela Farooqi, chief US economist at High Frequency Economics, called the number of new claims “surprisingly high” given that the economy continues to reopen.

“For businesses, labor shortages remain an issue as a ramping up of activity is resulting in supply/demand imbalances,” Farooqi said in a note. “But these frictions should ease as health concerns subside, schools reopen and enhanced benefits end.”

Another seven states terminated supplemental unemployment benefits early during the week of June 19, with 10 additional states following suit this week, said Kathy Bostjancic, an economist at Oxford Economics.

“We expect the labor market recovery to gather momentum in the months ahead and anticipate a total of eight million jobs will be created in 2021,” Bostjancic said in a note.

  • bio
  • twitter
  • facebook
  • latest posts

LMBCBUSINESS.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.