Weekly Unemployment Applications in the USA Decreased!
Weekly unemployment applications in the USA decreased significantly compared to last week. The recovery in the labor market took a step forward despite the harsh winter weather and the coronavirus pandemic.
The Ministry of Labor announced its new unemployment claims weekly report in the morning on Thursday (today).
The main metrics of the consensus compiled by Bloomberg were:
For the week ending February 20, unemployment claims were announced as 730,000 versus the expected 825,000.
This is the first time unemployment claims fell below 800,000 in the past seven weeks.
The vast majority of US states saw declines in their new unemployment demands reported last week, which means the overall recovery is gaining momentum.
California peaked with a 50,000 drop in demand, followed by Ohio with 46,000 new demand drops, Illinois with 12,500 and Missouri with 4,200. These states more than compensated for significant increases in new demand in other states.
The Ministry of Commerce said in its second forecast of fourth quarter GDP growth, gross domestic product increased by 4.1 percent annually. This is a slight uptrend from the 4.0 percent pace reported last month.
The American Economy experienced a record 33.4 percent growth in the third quarter.
Retail sales recovered sharply and President Joe Biden’s massive $ 1.9 trillion stimulus package spurred economists to increase their first-quarter growth forecast from 2.3 percent to 6 percent.
Weekly Unemployment Claims in the USA Decreased!
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