Sunday, May 9, 2021

Will the Unemployment Claim Report Raise New Hope on the Economy?

The latest update on the labor market is going to come on Thursday morning when the government releases it Weekly report On Unemployed Claims.

Unexpectedly sharp drop Wall Street, announced last Thursday, was surprised and hoped that the economic recovery was catching pace. At about 613,000, it was the lowest weekly total of initial claims for state unemployment benefits since the epidemic began, although it is still high despite historical standards.

This time, analysts polled by Bloomberg are expected to climb the figure. Nevertheless, most forecasts maintain that the labor market is improving.

“We know from experience that weekly claims tend to bounce around from one week to another,” said Gregory Dako, chief US economist at Oxford Economics, a long-term trend that, he said, and since January, has been consistent. There has been progress.

Warmer weather, more widespread coronovirus Vaccination A stream of government assistance that has enabled consumer spending has all contributed to recent gains.

Nevertheless, the labor market is a matter of concern Coronavirus infection And demand Child care When regular school schedules have been disrupted.

According to the Census Bureau’s weekly Household Pulse Survey, more than four million people unemployed in March said they were not working because they were afraid of catching Kovid-19.

“It is important to note that the trend is heading in the right direction,” said Heidi Shirholz, director of policy at the left-leaning Economic Policy Institute, “but we are still at a crisis level of unemployment claims.”

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