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New US jobless claims decline

by Financial Economy

New US jobless claims decline. The second corona wave is rolling through the USA, but the pace of job cuts is slowing. The number of initial jobless claims fell to 700,000 – the lowest level since spring.

New US jobless claims decline

The number of initial jobless claims in the USA is lower than it has been in seven months, despite the corona pandemic that has flared up again. A total of 709,000 Americans submitted such an application for state support last week, 48,000 fewer than a week earlier, the Department of Labor in Washington announced on Thursday.

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The number had already decreased slightly last week. However, the number of applications remains very high by US standards. In the more meaningful four-week average, it was 755,250. “The initial applications show a decreasing trend, but millions of jobs are missing and unemployment is too high,” said Helaba economist Ralf Umlauf.

The ailing job market is one of the greatest challenges for future US President Joe Biden. In the course of the corona pandemic, more than 22 million jobs were lost, of which only around half have been created so far.

Since the number of new positive corona tests recently reached record levels, new restrictions have been imposed on companies in several regions. That could lead to them separating from employees.

Source: https://www.spiegel.de/

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