Preview of Unemployment Claims

 

Preview of unemployment claims: 773 thousand Americans expected to apply for unemployment

Thanks to the reduction in COVID-19 cases and vaccination studies, the weekly unemployment figures recorded last week fell to the lowest level since November. The Ministry of Labor reported that it will share this week's report early in the morning on Thursday. Bloomberg's estimates regarding the report are as follows: In the week ending February 13, unemployment claims were 793 thousand; For the week ended February 6, it was 4,545 million. In the new report, with the effect of COVID-19 vaccination studies, the number of applications is expected to fall below 800,000 to 773,000  

Preview of Unemployment Claims

  Rubeela Farooqi, chief economist at American economic research consulting firm 'High Frequency Economics', explained that unemployment claims are consistent with the labor market that has begun to recover, according to the latest messages. Rubeela Farooqi also underlined that the Biden administration will be more effective when the former government aid ends in March. The labor market was stimulated with the decline in the number of COVID-19 cases, additional government incentives and initiatives to stimulate consumer spending. According to new data released on Wednesday, January saw the biggest increase in the last 7 months. With the acceleration of vaccination efforts, more businesses and services are expected to be reactivated, and consumption and hence recruitment are expected to increase. Lewis Alexander, chief economist of Japan-based financial holding company Nomura Holding; He noted that the trend to decrease in the number of new cases and hospitalizations is positive in terms of entertainment and hospitality, but risks still continue. Both the 'Federal Pandemic Unemployment Benefit' and 'Pandemic Emergency Unemployment Compensation' programs are foreseen to be cut in less than a month, which poses a danger to unemployment benefit recipients. But Democratic Lawmakers are trying to facilitate the process by implementing another support package, right after the aid ends in mid-March. As of mid-January, more than 13 million Americans have applied for these programs.

Source:Yahoo.Finance

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