Applications For Unemployment Benefits Increased in the US

Applications for unemployment benefits increased in the US. The number of applications made last week was at the peak of the last 1 month.

According to the data published by the US Department of Labor, unemployment benefit applications increased by 45 thousand in the week ending March 13 and recorded as 770 thousand. The applications thus reached their highest level since mid-February. The median expectation of economists who took part in the Bloomberg survey was 700 thousand. Ongoing applications fell to 4.12 million in the week ending March 6, and thus continued its decline in the 9th week. The unemployment applications that were above expectations, which proved that the employment continues to be affected by the problems caused by the coronavirus outbreak. Despite these data, economists expect a decrease in applications in the coming weeks, with the effect of US President Joe Biden's $ 1.9 trillion economic support package. It is estimated that the relaxation of quarantines originating from coronavirus will also contribute to employment.   This article has contributions Bloomberg.