Unemployment claims jumping for the third week in a row this month under Biden admin.
QUICK FACTS:
- Weekly Labor Department data released Thursday show about 286,000 people filed jobless claims in the week ending January 15, according to Forbes.
- The number represents an increase of 55,000 from the previous week.
- It’s also the highest number of jobless claims since mid-October, according to The Associated Press (AP).
- Altogether, 1.6 million people were collecting jobless aid the week that ended Jan 8.
- “The four-week average of claims, which smooths out weekly volatility, rose by 20,000 to 231,000, highest since late November,” notes AP.
- Forbes notes that economists were only expecting about 225,000 new claims last week.
- Biden job approval at 43 percent amid low marks on economy, pandemic: NBC poll
- Joe Biden’s job approval rating sits at just 43%, according to an NBC News poll released on the one-year anniversary of his inauguration, with his handling of various issues receiving lower ratings.
WHAT ANALYSTS ARE SAYING:
“We could see one more week of notably higher claims before they should top out,″ analysts with Contingent Macro Advisors predicted. “This bears close watching going forward.″
BACKGROUND:
- Employers posted 10.6 million job openings in November, the fifth-highest monthly total in records going back to 2000, while A record 4.5 million workers quit their jobs in November.
- The Federal Reserve might reconsider plans to ease its massive support for the economy if claims stay above 250,000 as the Fed’s March policy meeting approaches, Contingent said, notes AP.
