August 12, 2022
1 min read

US unemployment claims hit new high

In recent months, the figures have been trending up amid surging inflation and rising interest rates…reports Asian Lite News

Initial jobless claims in the US last week rose to 262,000, hitting a new high since November 2021, the US Labour Department reported.

In the week ending August 6, the number of Americans filing for unemployment benefits increased by 14,000 from the previous week’s downwardly revised level of 248,000, according to a report released on Thursday by the Department’s Bureau of Labour Statistics (BLS).

The four-week moving average for initial jobless claims, a method to iron out data volatility, increased by 4,500 to 252,000, the report showed, Xinhua news agency quoted the report as saying.

Jobless claims totaled 166,000 in the week ending March 19, the lowest in decades.

In recent months, the figures have been trending up amid surging inflation and rising interest rates.

The latest figure of 262,000 is well above the 2019 weekly average of 218,000, which is the pre-pandemic level.

In the week ending March 14, 2020, jobless claims totaled 221,000, but in the following week, the figure skyrocketed to 2.9 million.

The latest report also showed that the number of people continuing to collect regular state unemployment benefits, which was reported with a one-week lag, increased by 8,000 to 1.4 million during the week ending July 30.

The total number of people claiming benefits in all programmes — state and federal combined — for the week ending July 23 also increased by 9,206 to 1.48 million.

The Department reported last week that employers added 528,000 jobs in July despite recession fears, with the unemployment rate edging down to the pre-pandemic level of 3.5 percent, signaling a still robust labour market.

ALSO READ: ‘US firms in Bengaluru bolstering US-India economic ties’

Previous Story

EU Commission concerned over US tax & climate package

Next Story

UK Energy bills to soar above £5,000

Latest from -Top News

Modi Strengthens Defence, Energy Ties in Saudi

Both sides agreed to hold the next Strategic Partnership Council meeting at a mutually convenient date….reports Asian Lite News India and Saudi Arabia have expanded their bilateral Strategic Partnership Council by adding

India Donates Vaccines to Afghanistan

The Afghan Ministry of Public Health expressed gratitude towards India for its generous contribution….reports Asian Lite News India has donated 4.8 tonnes of vaccines to Afghanistan as part of its ongoing humanitarian

Global Grief Over J&K Terror Strike

Australian Prime Minister Anthony Albanese also condemned the horrific terror attack, stating that violence can not be justified….reports Asian Lite News Condolences have poured in from around the world after the horrific
Go toTop

Don't Miss

In a first, US added to list of ‘backsliding democracies’

The report found that some of “the most worrying” democratic

‘Internal matter of Pakistan’: US on Imran’s arrest

The former Pakistan Prime Minister was arrested in connection with